How the Mortgage Loan Process Works
No doubt, a lot is involved in order to get a mortgage. You wouldn’t be looking up loan information if it were possible to get a mortgage loan in a single day with a simple application. But American Pacific Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major steps
Step one: Decide on your maximum loan amount
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 amount 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 questions. Because lender guidelines are fairly standard, we can give you a good idea of how much you can borrow after a short conversation.
Step two: pre-qualify for your loan
This step is where American Pacific Mortgage can start to save you money. You will give us information on your current job, your assets, and residence history. You’ll supply your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission. After we’ve finished reviewing your information, we’ll provide you with a pre-qualification letter. Handle it with care — it can be a useful tool when you make your offer! Your agent will use your pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you’re shopping for the home that’s right for you, we are finding the loan that best fits your needs.
Step three: apply for your loan
Once you’ve made the offer and it’s been accepted, you should apply for the loan. Applying for a loan could not get much easier; you can apply from the comfort of your home right here on our site. 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 coordinate to decide on an escrow/title company to handle the funding of your loan. We’ll work with this company to ensure the papers your lender will need are in order, and you’ll probably} likely sign everything at their office. We do all the work to coordinate with this company on your closing date. Since you won’t have to worry with this coordination, you can think about moving logistics, painting, carpet, and all the details of moving into your new house.
You’ve answered a few questions, given us lots of information, applied, and the next thing you know, you are deciding when to move in! American Pacific Mortgage is in the business of mortgage loans; you’re not — so we do the work. Doesn’t that make sense?