About the Mortgage Loan Process
There can be no question ; getting a mortgage loan is a complex process. You wouldn't be researching mortgage loans if it were possible to get a mortgage loan in a single day by filling out a simple application. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
Getting a mortgage loan involves four major milestones.
Step one: determine how much you can borrow
A couple of factors determine this amount. 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? You can get a good idea of your preferred payment abount using the calculators on our website. We'll also help you through different scenarios by asking a few simple questions. 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: complete a pre-qualification
This is where U.S.A. Lending, Inc. can begin saving you money. You will supply information on your current job, assets, and residence history. You'll give us information on your employment, asset, and residence history. We get your permission to run your credit score and report. We will go over all this info and provide a pre-qualification letter. Handle it with care — it can be 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 shopping for your new home, we are looking for the loan that best fits your needs.
After you've made an offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan could not get much easier; you can apply online right here on our site. At the end of this step, we'll order an appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will work together to decide on an escrow/title company to take care of the funding of your loan. We'll work with this company to make sure the papers your lender needs are in order, and you'll probably}likely sign all these papers at their officeWe do all the work to work with with the title company on your closing date. Since you don't have to worry with this coordination, you can think about moving, paint colors, carpet, and the fun parts of getting your new home.
You've answered some few questions, given us lots of information, applied , and the next thing you know, you're deciding when to move in! U.S.A. Lending, Inc. is a mortgage specialist; you're not — so we do the work. Doesn't that make sense?
Have questions about the loan process? Call U.S.A. Lending, Inc. at 305-967-7200. It's our job to answer lending questions, so we're happy to help!