The Mortgage Loan Process: an Overview

There's quite a lot to do when you get a mortgage loan. You would not be looking up loan information if it were possible to get a loan in a single 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 important steps involved in getting a mortgage loan.

Step one: Decide how much you can afford

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? 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. 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 details on your employment, your assets, and residence history. You'll supply your employment, asset, and residence history information. We get your permission to run your credit score and report. When we review all this info we will give you a letter of pre-qualification. Be careful with this letter — it is a great tool for buying your new home! Your REALTOR® 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 shopping for your new house with your REALTOR™, we find the best program for you.

Step three: apply now! We make it easy

Once you have made an offer and the sellers have accepted, you should complete the loan application. Applying for your loan could not get much easier; you can apply any time right here on our site. After the offer has been accepted and you have submitted your loan application, we will order the professional appraisal on the home.

Step four: your loan is funded

Your REALTOR® and the seller's will work together to decide on an escrow/title company to take care of the funding of your loan. We'll work with this company to make sure the papers your lender requires are avaiailable, and you'll probably}likely sign everything at this company's officeWe work with with this company to set your date of closing. Since you won't have to worry about these details, you get to concentrate on the move, painting, carpet, and all the details of getting your new house.

You've answered some few questions, given us detailed information, applied , and Before you know it, you're moving! We take care of all the loan details so you can spend your time 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. It's our job to answer lending questions, so we're happy to help!

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