About the Loan Process
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Getting a mortgage is a complex process. If it wasn’t, you wouldn't be looking up information on mortgages. Luckily, we do the heavy lifting so you can concentrate on what is important in your life rather than the mortgage loan. However, the more information and documentation you supply upfront, the smoother and faster the process will go.
When getting a mortgage, there are four main steps in the process.
Step one: Decide on what you feel comfortable spending on a home
This is important for a couple of reasons. How much of a monthly payment can you afford? Since your credit, employment, income and debts and goals, are completely unique to you, your loan has to be just as unique and fit into your life and budget. You can get a good estimate of what your monthly payment by using the calculators on our website. We can also help you determine the amount in more complex scenarios by asking you a few simple questions over the phone. Based on the standard guidelines for lenders, we’ll give you a good idea of what type of loan would benefit you and your life.
Step two: apply now and get pre-approved
Applying for a loan is easy; you can apply right here on our site with one of our licensed advisors.
Getting pre-approved is where American Dream Mortgage can begin to save you money. We will need you to give us information on your current job, assets, and your residence history. We run your credit score and report. We review all your information and then will give you and your agent a lender letter of pre-approval. This letter is a useful tool when you make your offer – so be careful with it! Your agent will use the pre-approval to make an offer on the home you choose, to show that you are a good candidate for the home. While you're shopping for your new home, we find the program for you.
Step three: processing and underwriting
Once your offer has been accepted, we'll order an appraisal of your new home and get your loan off to underwriting. While being underwritten, the processor and/or underwriter may ask for more information for clarification. It is extremely important that you get them the necessary documentation or else funding your loan could be delayed.
Step four: your loan is funded
Your and the seller's agents will work together to decide on an title/escrow company to take care of your loan’s funding. We will work with this company to make sure all the papers needed for closing are available, and you'll probably sign everything at the title/escrow company’s office. We work with this company to set your closing date. Since you don't need to worry about this coordination, you can to think about the fun parts of moving into your new home, painting, carpet, and deciding where everything should go!
You've answered questions, given us tons of information, applied online, and the next thing you know, you are moving into your new home! We take care of the loan details so you can focus on moving onto life’s next big milestone.
Have questions about the loan process? Call American Dream Mortgage at (720) 317-2500. It's our job to answer lending questions, so we're happy to help!