The Mortgage Loan Process: an Overview
There is little question ; getting a mortgage is a complex process. You wouldn't be here on our website if it were possible to fill out a one-page loan app and receive the best loan funded 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.
There are four important steps involved in obtaining 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? 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. 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: pre-qualify for your loan
This is where Augusta Mortgage Solutions will start to save you money. You will give us details on your current job, assets, and your residence history. You'll provide information on your employment, asset, and residence history. We get your permission to run your credit score and report. After we've reviewed the provided information, we'll give you a pre-qualificaiton letter. Handle it with care — it can be a useful tool for buying your new home! Your real estate agent will likely use the pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're deciding on your new home, we're busy finding the loan program that's just right for your situation.
After you've made the offer and the sellers accept it, it's time to 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 coordinate to decide on a title company to take care of the funding of your loan. We'll coordinate with this company to make sure the papers your lender needs are avaiailable, and you'll probably}likely sign everything at this company's officeWe do all the work to work with with this company to set your closing date. Because you don't have to worry about these details, you can think about moving logistics, if you're going to repaint, carpet, and all the details of getting a new house.
You've answered some few questions, provided detailed information, applied , and Before you know it, you'll be moving! Augusta Mortgage Solutions is in the business of loans; you're not — so we take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Augusta Mortgage Solutions at 7068605514. We answer questions about the loan process every day.