The Mortgage Loan Process: an Overview
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There's no question ; getting a mortgage loan is a complex process. You wouldn't be looking up loan information if it were possible to get a loan in a single day by filling out a simple application. 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.
Getting a mortgage loan involves four major milestones.
Step one: determine how much you can borrow
A couple of factors determine this amount. How much of a monthly payment can you afford? What is the maximum you can borrow from a lender, given your income and credit history? You can get a good idea of your preferred payment amount using the calculators on our website. And we can guide you to the right loan amount and best program for you when you answer a few 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: pre-qualify for your loan
This is where the process really begins and American Nationwide Mortgage Corp can really save you money. You will give us details on your current job, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (with your permission, of course). After we've reviewed the provided information, we'll provide a pre-qualification letter. Your REALTOR® will likely use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for your new home with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
Once you have made an offer and it's been accepted, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our site. When the time is right, we'll order an appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to designate an escrow/title company to take care of the funding of your loan once it has been approved. We'll coordinate with this company to make sure all the papers your lender requires are available, and you will probably}likely sign all these papers at this company's officeWe work with with the title company on your date to close. Since you will not need to worry about these details, you can think about moving logistics, painting, carpet, and all the details of getting a new home.
You've answered a few questions, provided detailed information, applied online, and Before you know it, you're moving! We do the legwork so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call Mortgage Miracles Happen at 1-801-399-2364. It's our job to answer lending questions, so we're happy to help!