There is little question that getting a mortgage is a complex process. You wouldn’t be looking up loan information if you could get a mortgage loan in a single day by filling out a simple application. But American Loan & Refinance does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four primary steps involved in getting a loan.
Step one: determine how much you can borrow
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? 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 is where American Loan & Refinance will start saving you money. You will supply details on your employment, your assets, and residence history. You’ll give us your employment, asset, and residence history information. We will get your credit report and score (with your permission, of course). We will go over all this information and will provide a pre-qualification letter. Handle it with care — it can be a useful tool for buying your new home! 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 shopping for your new home with your agent, we find the best program for you.
Step three: apply for your loan
Once you have made the offer and it’s been accepted, it’s time to complete the loan application. Applying for your loan could not get much easier; you can apply any time right here on our site. When the time is right, we’ll order an appraisal of your new home.
Step four: funding
Your REALTOR® and the seller’s will work together to designate 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 will need are available, and you’ll probably}likely sign everything at this company’s officeWe work with with this company to set your closing date. Because you don’t need to worry with this coordination, you get to think about the move, painting, new carpet, and the fun parts of getting a new house.
You’ve answered a few questions, given us lots of information, applied , and Before you know it, you’re moving! We take care of the loan details so you can spend your time finding your new home.