How the Mortgage Loan Process Works
There's a lot to do in oder to get a mortgage loan. You wouldn't be here on our website if you could fill out a simple loan app and get a great loan funded the same day. We do most of the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
There are four important steps involved in obtaining a loan.
Step one: determine how much you can borrow
This is a function of a couple things. What kind of monthly payment are you looking for? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? Use the calculators on our website to determine your monthly payment amount. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.
Step two: pre-qualify for your loan
This is where the process really begins and you save the most money. You will give us info on your employment, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (with your permission. We will go over all this info and give you a pre-qualification letter. Handle it with care — it is a useful tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. While you're looking for a new home with your REALTOR™, we find the best program for you.
Once you've made an offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can do it online, right here on our site. Finally, we'll order the appraisal of your new home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" and closing. We'll coordinate with this company to ensure the papers your lender needs are in order, and you will probably}likely sign everything at this company's officeWe coordinate with this company on your date of closing. Because you won't have to worry with this coordination, you get to think about moving, if you're going to repaint, carpet, and the details involved in moving into a new home.
You've answered some few questions, given us detailed information, applied online, and before you know it, you're moving in! We take care of the legwork so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call U.S.A. Lending, Inc. at 305-967-7200. We answer questions about the loan process every day.