How the Loan Process Works

There's quite a lot involved in oder to get a mortgage loan. You wouldn't be here on our website if it were possible to complete a one-page loan app and receive a great loan check cut in one day. But Team USA Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

Getting a home loan involves four major milestones.

Step one: Decide on your maximum loan amount

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? You can get a good idea of your preferred payment abount using the calculators on our website. 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: pre-qualify for your loan

This is where Team USA Mortgage will begin saving you money. You will give us info about your current job, your assets, and residence history. You'll supply information on your employment, asset, and residence history. We get your permission to pull your credit score and report. After we have reviewed all this information we provide a letter of pre-qualification. Be careful with this letter — it is a useful 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 deciding on your new home, we're busy finding the loan that's right for you.

Step three: apply now! We make it easy

Once you've made the offer and it's been accepted, you should apply for the loan. Applying for a loan couldn't be much easier; you can apply 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: funding

The agents will find a title company to handle the "funding" and closing. We'll coordinate with this company to ensure the papers your lender will require are avaiailable, and you'll probably}likely sign everything at this company's officeWe do all the work to coordinate with the title company to set your closing date. Because you don't need to worry about these details, you can think about moving logistics, if you're going to repaint, carpet, and all the details of moving into your new house.

You've answered some few questions, given us detailed information, applied online, and before you know it, you're moving in! Team USA Mortgage is in the business of mortgage loans; you're not — so take care of the details. Doesn't that sound nice?

Have questions about the loan process? Call Team USA Mortgage at 218-237-5128. Team USA Mortgage answers loan process questions every day.

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