The Mortgage Loan Process: an Overview

There can be no question ; getting a mortgage loan is a complex process. You would not be researching mortgage loans if it were possible to get a mortgage loan in one 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 loan involves four major milestones.

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. 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 saving you money. You will provide info on your employment, your assets, and residence history. You'll supply your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we've finished reviewing this information, we'll give you a pre-qualificaiton letter. Your REALTOR® should use the pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're picking out your new home, we're busy finding the loan that's just right for your situation.

Step three: apply for your loan

Once you have made the offer and the sellers have accepted, it's time to complete the loan application. It couldn't be easier, and you can apply online, right here on our website. After the offer has been accepted and you have submitted your loan application, we will order a professional appraisal on the home.

Step four: funding

The agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll work with this company to make sure all the papers your lender requires are avaiailable, and you'll probably}likely sign everything at this company's officeWe do all the work to work with with the title company to set your closing date. Because you don't have to worry with this coordination, you get to think about moving logistics, paint colors, new carpet, and the fun parts of moving into your new home.

You've answered some few questions, provided detailed information, applied online, and before you know it, you're deciding when to move in! We do the mortgage legwork so you can focus on 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.

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