The Loan Process: an Overview
Make no mistake, there's a lot involved in oder to get a mortgage. You wouldn't be looking up loan information if you could 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.
There are four main steps involved in getting a loan.
Step one: Decide how much you can afford
A couple of factors determine this amount. 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. 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 step is where The Reen Team at American Pacific Mortgage will start to save you money. You will supply information about your employment, assets, and your residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission. After we've finished reviewing your information, we'll provide a pre-qualificaiton letter. With this letter, your real estate agent 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're busy researching the loan that's right for you.
Once you've made an offer and it's been accepted, you should complete the loan application. Applying for your loan couldn't get much easier; you can apply right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to designate a title company to handle the funding of your loan once it has been approved. We'll coordinate with this company to ensure the papers your lender requires are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe do all the work to work with with the title company to set your date of closing. Because you don't have to worry about these details, you can think about the move, paint colors, carpet, and all the details of getting a new house.
You've answered a few questions, given us detailed information, applied online, and Before you know it, you're moving! We take care of the legwork so you can focus on finding your new home.
Have questions about the loan process? Call The Reen Team at American Pacific Mortgage at (408) 626-1879. The Reen Team at American Pacific Mortgage answers loan process questions every day.