An Overview of the Mortgage Loan Process
There is no question that getting a mortgage is a complicated process. You wouldn't be here on our website if you could complete a simple loan app and get an excellent 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.
There are four important steps involved in getting a loan.
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? What is the maximum you can borrow from a lender, given your income and credit history? 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 can begin to save you money. You will give us information on your current job, assets, and residence history. You'll provide 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 reviewed your information, we'll provide a pre-qualificaiton letter. With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're picking out the home that's right for you, we're busy finding the loan that's just right for you.
Once you have made the offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can do it online, right here on our website. Finally, we'll order the appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will coordinate to find a title company to handle the funding of your loan once it has been approved. We'll coordinate with this company to make sure all the papers your lender needs are in order, and you will probably}likely sign everything at their officeWe do all the work to work with with the title company to set your date to close. Since you will not need to coordinate this process, you get to concentrate on the move, paint colors, carpet, and the fun parts of getting your new house.
You've answered a few questions, provided lots of information, applied online, and Before you know it, you'll be moving in! We take care of all 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. It's our job to answer lending questions, so we're happy to help!