An Overview of the Mortgage Loan Process
In the market for a new mortgage loan? We'll be glad to discuss our mortgage offerings! Give us a call today at (209) 357-7000. Ready to begin? Apply Here
Make no mistake, there's a lot to do in order to get a mortgage. You wouldn't be visiting our site if it were possible to complete a simple loan app and receive a great loan funded in one day. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
Getting a mortgage loan involves four major milestones.
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. 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 is where the rubber meets the road and American Pacific Mortgage can really save you money. You will give us information on your employment, your assets, and residence history. You'll supply information on your employment, asset, and residence history. We get your permission to run your credit score and report. After we've reviewed your information, we'll provide you with a pre-qualification letter. With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're looking for a new home with your real estate agent, we find the best program for you.
Once you have made an offer and it's been accepted, you should complete the loan application. It's very easy, and you can apply online, right here on our website. When the time is right, we will order the appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to designate a title company to take care of the funding of your loan once it's approved. We'll coordinate with this company to ensure the papers your lender needs are available, and you will probably}likely sign all these papers at this company's officeWe coordinate with the title company on your closing date. Since you will not need to coordinate this process, you can think about the move, paint colors, new carpet, and the fun parts of moving into a new house.
You've answered some few questions, provided lots of information, applied online, and the next thing you know, you are moving in! We take care of the mortgage legwork so you can focus on finding your new home.
Have questions about the loan process? Call American Pacific Mortgage at (209) 357-7000. It's our job to answer lending questions, so we're happy to help!