The Four Steps of the Loan Process:The Loan Process: Four Steps
Looking for mortgage advice? We'd be thrilled to discuss our mortgage offerings! Give us a call at 314-835-1195. Want to get started? Apply Now.
There can be little doubt ; getting a mortgage is a complex process. You would not be looking up loan information if you could get a loan in a single day by filling out a simple application. But Alternative Mortgage Solutions, Inc. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major milestones.
Step one: Decide how much you can afford
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? 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 Alternative Mortgage Solutions, Inc. can start saving you money. You will give us information about your current job, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we've reviewed your information, we'll give you a pre-qualificaiton letter. Your REALTOR® will likely use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for your new house with your REALTOR™, we find the best program for you.
Once you've made an offer and it's been accepted, it's time to complete the loan application. 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'll order the professional appraisal on the home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to make sure the papers your lender needs are in order, and you'll probably}likely sign all these papers at their officeWe do all the work to work with with this company on your date of closing. Because you will not need to worry with this coordination, you can think about moving logistics, painting, carpet, and the fun parts of moving into your new house.
You've answered a few questions, given us lots of information, applied online, and Before you know it, you'll be moving in! We take care of all the loan details so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Alternative Mortgage Solutions, Inc. at 314-835-1195. We answer questions about the loan process every day.