The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
There's no doubt ; getting a mortgage loan is a complex process. You would not be looking up loan information if you could get a mortgage loan in one day by filling out a simple application. But The Reen Team at American Pacific Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in obtaining a loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. How much of a monthly payment can you afford? What is the maximum you can borrow from a lender, given your income and credit history? 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: pre-qualify for your loan
This is where The Reen Team at American Pacific Mortgage can begin to save you money. You will supply details about your current job, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We get your permission to run your credit score and report. After we've reviewed your information, we'll provide a pre-qualificaiton letter. Your real estate agent will likely 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 shopping for a new house with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
Once you have made the offer and the sellers accept it, you should apply for the loan. Applying for a 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 a professional appraisal on the home.
Step four: funding
The real estate agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to ensure the papers your lender requires are avaiailable, and you will probably}likely sign everything at this company's officeWe coordinate with this company to set your closing date. Because you will not need to worry about these details, you can concentrate on moving, paint colors, new carpet, and the fun parts of moving into your new house.
You've answered some few questions, provided lots of information, applied online, 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. It's our job to answer lending questions, so we're happy to help!