The Loan Process: an Overview

There can be no question ; getting a mortgage loan is a complex process. You wouldn't be visiting our site if it were possible to fill out a one-page loan app and get the best loan funded the same day. 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 home loan involves four major milestones.

Step one: Decide on your maximum loan amount

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? 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. 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 is where the process really begins and you save the most money. You will give us information about your employment, assets, and your residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (with your permission. After we've reviewed your information, we'll provide a pre-qualificaiton letter. Handle it with care — it can be a great tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. While you're picking out your new home, we're busy researching the loan that's just right for your unique situation.

Step three: apply for your loan

Once you've made the offer and it's been accepted, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our website. At the end of this step, we'll order the appraisal of your new home.

Step four: your loan is funded

The real estate agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll work with this company to make sure the papers your lender will need are avaiailable, and you will probably}likely sign all these papers at this company's officeWe coordinate with the title company to set your closing date. Because you will not have to worry about these details, you get to concentrate on moving logistics, paint colors, carpet, and the fun parts of moving into your new house.

You've answered some few questions, given us lots of information, applied online, and the next thing you know, you're moving 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.

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