The Loan Process: Four Steps
There's no doubt that getting a mortgage loan is a complex process. You wouldn't be looking up loan information if you could get a loan in a single day with a simple application. 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.
Step One: Decide on your maximum loan amount
A couple of factors determine this amount. What kind of monthly payment are you looking for? 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 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: Complete a pre-qualification
This step is where Am1st Financial will start to save you money. You will supply details about your current job, assets, and your residence history. You'll give us your employment, asset, and residence history information. We run your credit score and report. When we review this info we will give you a letter of pre-qualification. Your real estate agent will likely use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're deciding on the home that's right for you, we are researching the best loan for you.
Once you have made the offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our website. After the offer has been accepted and you have submitted your loan application, we will order a professional appraisal on the home.
Step Four: Your loan is funded
Your Realtor® and the sellers will work together to decide on a title company to take care of the funding of your loan. We'll work with this company to ensure all the papers your lender requires are available, and you will probably sign everything at this company's office. We will work with the title company on your date to close. Because you won't need to coordinate this process, you get to think about moving, painting, new carpet, and the details involved in getting a new home.
Once you've answered some few questions, given us lots of information, and applied, you're ready to move in! We do the legwork so you can focus on finding your new home.