How the Loan Process Works
Make no mistake, there's a lot to do when you get a mortgage. You wouldn't be here on our website if you could complete a one-page loan app and receive an excellent loan funded the same 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.
There are four main steps involved in getting a mortgage loan.
Step one: determine how much you can borrow
This is a function of a couple things. 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: pre-qualify for your loan
This is where the process really begins and you save the most money. You will supply information on your current job, your assets, and residence history. You'll provide your employment, asset, and residence history information. We will pull get your credit report and score (with your permission, of course). After we have gone over this information we provide a letter of pre-qualification. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're picking out the home that's right for you, we're busy researching the loan program that's right for your situation.
After you've signed an offer and the sellers accept it, it's time to apply for the loan. It's very easy, and you can do it online, right here on our website. After the seller has accepted your offer and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will work together to decide on an escrow/title company to handle the funding of your loan. We'll work with this company to make sure all the papers your lender will need are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe coordinate with the title company to set your closing date. Because you won't have to worry with this coordination, you can think about moving, painting, new carpet, and all the details of getting your new house.
You've answered some few questions, given us lots of information, applied , and before you know it, you're deciding when to move in! Augusta Mortgage Solutions is in the business of loans; you're not — so take care of the details. Doesn't that sound nice?
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!