How the Mortgage Loan Process Works

There's a lot to do when you get a mortgage. You would not be looking up loan information if you could get a mortgage loan in one day with a simple application. We do 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: Decide on your maximum loan amount

A couple of factors determine this amount. 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 will start to save you money. You will supply details about your current job, your assets, and residence history. You'll provide information on your employment, asset, and residence history. We get your permission to run your credit score and report. We will go over all this info then will give you a letter of pre-qualification. Your agent will likely 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 deciding on your new home, we're busy researching the loan that's just right for your unique situation.

Step three: apply for your loan

After you've signed an offer and the sellers accept it, you should apply for the loan. It's very easy, and you can apply online, right here on our website. After the seller has accepted your offer and you have submitted your loan application, we will order a professional appraisal on the home.

Step four: funding

Your REALTOR® and the seller's will coordinate to find a title company to take care of the funding of your loan once it has been approved. We'll work with this company to make sure all the papers your lender needs are avaiailable, and you will probably}likely sign all these papers at their officeWe work with with the title company to set your date of closing. Since you will not have to coordinate this process, you get to concentrate on moving logistics, if you're going to repaint, new carpet, and all the details of moving into your new house.

You've answered some few questions, provided detailed information, applied online, and Before you know it, you're moving! The Reen Team at American Pacific Mortgage is a mortgage specialist; you're not — so take care of the details. Doesn't that sound nice?

Have questions about the loan process? Call The Reen Team at American Pacific Mortgage at (408) 626-1879. It's our job to answer lending questions, so we're happy to help!

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