An Overview of the Mortgage Loan Process
Make no mistake, there's quite a lot to do when you get a mortgage. You would not be looking up loan information if you could get a loan in a single day by filling out a simple application. We do most of the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
Getting a home loan involves four major steps.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. 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? 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 quewstions. 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: pre-qualify for your loan
This is where the process really begins and you save the most money. You will provide information on your current job, assets, and residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission, of course). After we've finished reviewing this information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it is a great tool when you make your offer! Your agent should use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for your new home with your REALTOR™, we find the best program for you.
After you've made an offer and the sellers have accepted, you should apply for the loan. Applying for a loan could not get much easier; you can apply any time right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to decide on a title company to take care of the funding of your loan once it has been approved. We'll coordinate with this company to make sure the papers your lender will need are in order, and you'll probably}likely sign all these papers at this company's officeWe do all the work to work with with this company on your closing date. Since you will not have to coordinate this process, you can think about moving logistics, paint colors, new carpet, and the details involved in moving into your new home.
You've answered some few questions, given us detailed information, applied , and before you know it, you are deciding when to move in! We take care of the mortgage legwork so you can focus on finding your new home.
Have questions about the loan process? Call Augusta Mortgage Solutions at 706-860-5514. It's our job to answer lending questions, so we're happy to help!