The Loan Process: an Overview

There is no doubt that getting a mortgage is a complex process. You wouldn't be here on our site if it were possible to complete a simple loan app and receive a great loan funded 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 loan involves four major milestones.

Step one: determine how much you can borrow

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? You can get a good idea of your preferred payment abount using the calculators on our website. 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 is where the process really begins and The Reen Team at American Pacific Mortgage can really save you money. You will provide information about your current job, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission, of course). After we've finished reviewing your information, we'll provide a pre-qualificaiton letter. Your real estate agent will use your 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 looking for your new home with your REALTOR™, we find the best program for you.

Step three: apply now! We make it easy

Once you have signed the offer and the sellers have accepted, it's time to apply for the loan. 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 a professional appraisal on the home.

Step four: your loan is funded

Your real estate agent and the seller's will work together to designate an escrow/title company to take care of the funding of your loan once it's approved. We'll work with this company to ensure all the papers your lender will need are in order, and you'll probably}likely sign everything at this company's officeWe coordinate with this company to set your date of closing. Because you won't need to worry about these details, you can concentrate on moving, painting, carpet, and the details involved in moving into a new house.

You've answered a few questions, given us lots of information, applied , and Before you know it, you'll be moving in! 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. We answer questions about the loan process every day.

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