The Mortgage Loan Process: an Overview
There's little question that getting a mortgage is a complex process. You wouldn't be here on our site if it were possible to complete a one-page loan app and get the best loan check cut the same day. But Team USA 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 on your maximum loan amount
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? You can get a good idea of your preferred payment abount using the calculators on our website. We'll also help you through different scenarios by asking a few simple questions. 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 the rubber meets the road and Team USA Mortgage can really save you money. You will give us information about your current job, assets, and your residence history. You'll supply your employment, asset, and residence history information. We run your credit score and report. After we've reviewed your information, we'll give you a pre-qualificaiton letter. 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 shopping for a new home with your real estate agent, we find the best program for you.
After you've 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 site. Finally, we will order the appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to decide on a title company to handle the funding of your loan once it has been approved. We'll work with this company to ensure all the papers your lender requires are avaiailable, and you will probably}likely sign all these papers at their officeWe work with with the title company on your closing date. Because you don't need to coordinate this process, you can think about moving, if you're going to repaint, carpet, and all the details of getting a new house.
You've answered some few questions, provided lots of information, applied , and Before you know it, you're moving in! Team USA Mortgage is a mortgage specialist; you're not — so take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Team USA Mortgage at 218-237-5128. It's our job to answer lending questions, so we're happy to help!