The Four Steps of the Mortgage Loan Process
There's little doubt ; getting a mortgage is a complex process. You wouldn't be researching mortgage loans if you could get a mortgage loan in a single day by filling out a simple application. But American Financial Solutions, Inc. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Step One: Decide how much you can afford
A couple of factors determine this amount. 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: Complete a pre-qualification
This step is where American Financial Solutions, Inc. will begin to save you money. You will provide info about your current job, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission, of course). After we've finished reviewing your information, we'll provide you with a pre-qualification letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're looking for your new home with your Realtor®, we find the best program for you.
After you've made an offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our website. At the end of this step, we will order an appraisal of your new home.
Step Four: Funding
The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll coordinate with this company to make sure all the papers your lender will require are in order, and you'll likely sign everything at their office. We will work with the title company to set your date to close. Since you will not have to coordinate this process, you get to concentrate on the move, paint colors, new carpet, and all the details of moving into a new home.
After you have answered a few questions, provided detailed information, and applied online, you'll be ready to move sooner than you think! American Financial Solutions, Inc. is in the business of mortgage loans; you're not — so we take care of the details. Doesn't that make sense?