The Loan Process: an Overview
Make no mistake, there's quite a lot involved when you get a mortgage. You wouldn't be here on our website if you could fill out a simple mortgage application and receive 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 getting a loan.
Step one: Decide how much you can afford
This is a function of a couple things. How much of a monthly payment can you afford? 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. We'll also help you through different scenarios by asking a few simple questions. Because lender guidelines are fairly standard, we can give you a good idea of how much you can borrow after a short conversation.
Step two: pre-qualify for your loan
This step is where The Reen Team at American Pacific Mortgage can start to save you money. You will give us information on your employment, your assets, and residence history. You'll supply information on your employment, asset, and residence history. We get your permission to run your credit score and report. When we review this information we provide a pre-qualification letter. With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for your new home, we are researching the loan that best fits your needs.
Once you've made an offer and it's been accepted, you should complete the loan application. It's very easy, and you can apply online, right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will work together to designate a title company to take care of the funding of your loan. We'll coordinate with this company to ensure the papers your lender will require are in order, and you'll probably}likely sign everything at this company's officeWe coordinate with the title company on your date to close. Since you don't have to coordinate this process, you get to think about the move, paint colors, carpet, and all the details of getting your new home.
You've answered a few questions, provided detailed information, applied , and the next thing you know, you are deciding when to move in! We take care of all the loan details so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call The Reen Team at American Pacific Mortgage at (408) 626-1879. We answer questions about the loan process every day.