How the Mortgage Loan Process Works
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There's a lot to do when you get a mortgage. You wouldn't be visiting our website if it were possible to complete a one-page loan app and receive a great loan check cut the same day. But AA Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home 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? What is the maximum you can borrow from a lender, given your income and credit history? You can get a good idea of your preferred payment amount using the calculators on our website. 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: pre-qualify for your loan
This is where AA Mortgage will begin saving you money. You will provide details about your current job, assets, and your residence history. You'll provide your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission. We will go over all this information then will provide a pre-qualification letter. Your real estate agent will likely use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for a new house with your real estate agent, we find the best program for you.
Step three: apply for your loan
Once you have signed an offer and the sellers accept it, it's time to apply for the loan. It's very easy, and you can do it online, right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will work together to find an escrow/title company to take care of the funding of your loan. We'll work with this company to ensure the papers your lender requires are available, 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 to close. Since you will not need to coordinate this process, you get to think about moving logistics, paint colors, new carpet, and the details involved in getting your new home.
You've answered a few questions, given us detailed information, applied , and Before you know it, you're moving! We take care of the legwork so you can focus on finding the new home that's right for you.