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Apply For A Loan

Four Steps of the Mortgage Loan Process

There is no doubt that getting a mortgage is a complicated process. You would not be looking up loan information if you could get a mortgage loan in a single day by filling out a simple application. But Mortgage League of America does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

There are four important steps involved in obtaining a loan. Read about these steps just under the application form.

Apply to Pre-Qualify For a Loan

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    First Time Homebuyer?

    Tips on Home Purchase Basics

    Especially if you’re a first-time homebuyer, there are many important things to consider throughout the process. Here’s some tips that will keep you on track. In General, a home purchase may be your largest financial transaction to date, so it’s important to make the right decisions and to keep an eye on the details. With the assistance of your Real Estate Agent and Mortgage Broker, it should be an efficient, pleasant, and ultimately rewarding experience.

    Here is what is expected:

    • Preview and present you with available homes that fit your specific needs and wish list.

    • Help you determine the difference between a “good buy” and a property which, because of its nature (neighborhood, market appeal, etc.), might have to be discounted if you decide to sell in the future.

    • Negotiate the best deal for you. With a Pre-Qualification letter in hand, your real estate agent will be able to demonstrate that you are a qualified and capable borrower. This will strongly influence the seller, and may make the difference between the seller accepting your offer or someone else’s – even if your offer is lower!

    • Assist you in selecting the best loan to meet your personal situation and goals. (This single decision can save you thousands of dollars throughout the years!)

    • Keep you informed of your loan status throughout the entire process.

    • Keep your Real Estate Agent informed of our loan progress (Note: your personal information is always kept confidential between you and us; only deal points and progress are shared).

    • Get the appropriate loan for you at the best rates and fees. This will save you significant money “up front” and throughout the years to come.

    • Keep your Real Estate Agent informed of any questions or concerns as they develop.

    • Keep the process moving by providing documentation and decisions as soon as reasonably possible. By doing so, many of the details are taken care of early in the process so you can comfortably concentrate on any last-minute details or events that require your attention.

    • Enjoy purchasing your home, but do remain objective throughout — to make the business decisions that are best for you.

    • Make sure you are pre-approved as early as possible. This will put the power of financing behind you so you can concentrate on selecting your home.

    Step one: Decide how much you can afford

    A couple of factors determine this amount. 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? 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.

    Apply For A Loan, Mortgage Loan Process
    Apply For A Loan, Mortgage Loan Process

    Step two: complete a pre-qualification

    This is where the process really begins and you save the most money. You will supply info about your current job, assets, and residence history. You’ll give us your employment, asset, and residence history information. We get your permission to run your credit score and report. After we’ve finished reviewing your information, we’ll provide you with a pre-qualification letter. Your agent should use the pre-qual (as they may call it) to make the best offer on the home you choose. While you’re looking for your new house with your real estate agent, we find the best program for you.

    Step three: apply now! We make it easy

    After you’ve made an offer and the sellers have accepted, it’s time to 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. Finally, we will order an appraisal of your new home.

    Apply For A Loan, Mortgage Loan Process
    Apply For A Loan, Mortgage Loan Process

    Step four: your loan is funded

    The agents will find a title company to handle the “funding” and closing. We’ll coordinate with this company to ensure the papers your lender needs are available, and you will probably}likely sign everything at their officeWe do all the work to work with with this company on your date to close. Since you don’t need to coordinate this process, you get to concentrate on moving, painting, carpet, and the fun parts of getting your new house.

    You’ve answered a few questions, provided lots of information, applied , and Before you know it, you’ll be moving in! Mortgage Team America is in the business of mortgage loans; you’re not — so we take care of the details. Doesn’t that make sense?