The Four Steps of the Loan Process:The Loan Process: Four Steps

Shopping for a mortgage loan? We can assist you! Give us a call at (972)991-0080. Want to get started? Apply Now.

There's quite a lot to do in order to get a mortgage. You wouldn't be visiting our site if it were possible to complete a one-page mortgage application and get the best loan funded the same day. But Advanced Mortgage, Inc. 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 mortgage loan.

Step one: Decide how much you can afford

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 amount 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: complete a pre-qualification

This is where the process really begins and you save the most money. You will supply details about your current job, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We pull your credit score and report. We'll go over this information then give you a pre-qualification letter. Be careful with this letter — it can be a useful tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're looking for a new house with your REALTOR™, we find the best program for you.

Step three: apply for your loan

Once you have made an offer and the sellers have accepted, you should apply for the loan. Applying for a loan could not be much easier; you can apply from the comfort of your home right here on our site. After the seller has accepted your offer and you have applied for your loan, we will order a professional appraisal on the home.

Step four: funding

The agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll work with this company to make sure all the papers your lender needs are available, and you'll probably}likely sign everything at their officeWe work with with this company on your closing date. Since you will not need to coordinate this process, you can think about moving, paint colors, carpet, and the fun parts of getting a new home.

You've answered a few questions, given us lots of information, applied , and Before you know it, you're moving! Advanced Mortgage, Inc. is a mortgage specialist; you're not — so we do the work. Doesn't that sound nice?

Have questions about the loan process? Call Advanced Mortgage, Inc. at (972)991-0080. We answer questions about the loan process every day.