How the Mortgage Loan Process Works
Make no mistake, there's a lot involved in oder to get a mortgage. You wouldn't be here on our website if it were possible to fill out a simple mortgage application and get the best loan check cut in one day. But Amity Mortgage LLC does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four primary steps involved in getting a mortgage loan.
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 the rubber meets the road and you save the most money. You will provide info about your current job, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We get your permission to pull your credit score and report. When we review this info we give you a pre-qualification letter. Handle it with care — it can be a great tool when you make your offer! Your REALTOR® should use the 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 picking out your new home, we are looking for the best loan for you.
Once you have made an offer and the sellers have accepted, you should complete the loan application. Applying for a loan couldn't get much easier; you can apply online right here on our site. After the seller has accepted your offer and you have applied for your loan, we will order a professional appraisal on the home.
Step four: funding
The agents will find a title company to handle the "funding" of the loan and closing. We'll work with this company to ensure the papers your lender will need are in order, and you will probably}likely sign everything at this company's officeWe do all the work to work with with the title company on your date of closing. Because you don't need to coordinate this process, you can think about moving logistics, if you're going to repaint, new carpet, and all the details of moving into a new home.
You've answered a few questions, provided detailed information, applied online, and Before you know it, you'll be moving! We do the mortgage legwork so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call Amity Mortgage LLC at (203) 729-6681. Amity Mortgage LLC answers loan process questions every day.