The Mortgage Loan Process: an Overview
There can be little question ; getting a mortgage is a complicated process. You wouldn't be here on our site if it were possible to complete a one-page application and receive an excellent loan check cut in one 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.
Getting a home loan involves four major steps.
Step one: Decide on your maximum loan amount
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. 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 will start to save you money. You will supply information about your current job, your assets, and residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (with your permission, of course). We will go over all this information and will give you a pre-qualification letter. Handle it with care — it is a useful tool when you make your offer! Your real estate agent should use your pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're looking for your new house with your REALTOR™, we find the best program for you.
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 site. After the seller has accepted your offer and you have applied for your loan, we'll order a professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to decide on an escrow/title company to take care of the funding of your loan once it's approved. We'll coordinate with this company to ensure the papers your lender will require are in order, and you will probably}likely sign everything at their officeWe do all the work to work with with the title company to set your date of closing. Because you won't have to worry with this coordination, you get to concentrate on moving logistics, painting, new carpet, and the details involved in moving into a new home.
You've answered some few questions, given us detailed information, applied online, and before you know it, you are deciding when to move in! We take care of the loan details 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.