An Overview of the Mortgage Loan Process
There can be little doubt ; getting a mortgage is a complicated 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. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
There are four main steps involved in obtaining a loan.
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? 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: complete a pre-qualification
This is where Augusta Mortgage Solutions will start saving you money. You will supply info about your current job, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). After we have reviewed this information we give you a pre-qualification letter. 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 deciding on your new home, we're busy finding the loan that's just right for you.
Once you've made the offer and the sellers have accepted, you should complete the loan application. It's very easy, and you can apply online, right here on our website. Finally, we will order an appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to find a title company to handle the funding of your loan. We'll coordinate with this company to ensure all the papers your lender needs are in order, and you will probably}likely sign all these papers at their officeWe coordinate with the title company to set your date of closing. Since you don't have to coordinate this process, you can concentrate on moving, if you're going to repaint, carpet, and the fun parts of getting your new home.
You've answered a few questions, given us lots of information, applied online, and before you know it, you're moving in! We do the legwork so you can spend your time finding your new home.
Have questions about the loan process? Call Augusta Mortgage Solutions at 7068605514. It's our job to answer lending questions, so we're happy to help!