An Overview of the Mortgage Loan Process
There's little doubt ; getting a mortgage is a complicated process. You wouldn't be here on our site if it were possible to fill out a simple mortgage application and receive the best loan check cut in one day. 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 mortgage loan involves four major milestones.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. What kind of monthly payment are you looking for? 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. 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 Augusta Mortgage Solutions will start saving you money. You will supply info on your employment, assets, and residence history. You'll give us your employment, asset, and residence history information. We run your credit score and report. After we have gone over all this info we give you a letter of pre-qualification. Handle it with care — it is a useful tool when you make your offer! 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 the home that's right for you, we're busy researching the loan program that's just right for you.
Step three: apply now! We make it easy
After you've made an offer and the sellers accept it, it's time to apply for the loan. It's very easy, and you can apply online, 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" of the loan and closing of the sale. We'll coordinate with this company to make sure all the papers your lender requires are avaiailable, and you'll probably}likely sign all these papers at their officeWe do all the work to coordinate with the title company on your date of closing. Since you don't need to worry about these details, you get to concentrate on moving logistics, painting, new carpet, and all the details of moving into a new home.
You've answered a few questions, provided detailed information, applied , and before you know it, you're moving in! We take care of the mortgage legwork so you can spend your time 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!