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Decatur, Texas
AmeriDream Mortgage Group, LLC: The best Mortgage Broker that provides home loans Near The Decatur, Texas Discusses Their Process to help you purchase your home with a loan or refinance your existing mortgage.
There are several mortgage brokers available to provide home loans for residential home buyers commercial in and Near Decatur, Texas. It is important that you find the Mortgage Broker company to handle all your home purchasing or mortgage refinance needs and deliver premium results. At Ameridream Mortgage Group, LLC located near Decatur, Texas we have a team that is experienced and has handled thousands of home purchases and refinances of homes.
We deliver results that not only meet but exceeds the expectations of our clients.
As the top-rated Mortgage Broker near Decatur, Texas we have developed a process which allows us to deliver the best rates and services to all our residential clients looking to purchase a home with a loan.
Our underwriting process is one of the keys to the success of our business and we are able to help home buyers and homeowners get a home loan that fits their needs while delivering premium quality results.
Our great Decatur-area clients have been interested in our process, below is how we do our job and get it done right.
Mortgage Process
Step One: Mortgage Pre-Approval
A pre-approval is a pre-screening. It has “pre” in the title due to the fact it happens at the begging of the home loan approval process, usually before you start looking for a home to buy.
Pre-approval is when a lender looks over your financial affairs (particularly your income, assets, and debts) to decide if qualify for a home loan. They’ll additionally inform you how much they area they are willing to lend to you and provide you with a pre-approval letter stating how much you can purchase The lender may also look at your credit scores and credit report at this stage.
This a recommended step in the home loan approval process, as it narrows down your home search If you were to not to get the pre-approval and go straight into the house-hunting process, you may end up losing time by not having your offers accepted or looking at houses out of your price range.
Step Two: Looking for a house and Purchase Agreement
Once you have been pre-approved, you can have greater confidence that your offer will be accepted, and you are purchasing a home in the right price range. Your home loan lender is not highly involved at this stage. The hunting work is mostly done by the real estate agent and the buyers. But the lender does come lower back into the picture once you have made a decision to purchase a home.
Step Three: Completing the Loan Application
You’ve been pre-approved for a home loan. You’ve found a home that meets your needs, and you’ve made an offer to buy it. The seller has accepted your offer. Now it’s time for the next stage of the mortgage approval process, check the completed the loan application for errors, and submitting documents required by the mortgage loan processor.
Step Four: Mortgage Processing
Loan processors gather documents relating to the borrower, as well as the home being purchased or refinanced. They will look over the application to ensure it contains no errors and all of the documents needed for the underwriting process have been obtained. These documents can include bank statements, tax records, employment letters, the purchase agreement, and more.
The loan processor usually also may:
- order credit reports,
- verifying income, assets, and employment, and
- order an appraisal to determine the value of the home.
The steps completed by the loan processor can change slightly from one company to another.
It also changes based on the type of home loan being used. Next, is the most important step during the home loan approval process — underwriting.
Step Five: Mortgage Underwriting
The Underwriter will evaluate the level of risk associated with your home loan. He or she will evaluate your credit history, your debt-to-income ratio, your assets, and different elements of your income and debt to measure your capacity to make your loan payments.
Mortgage underwriters focal point on the “three C’s” of underwriting — capacity, credit score, and collateral:
Capacity — Do you have the monetary sources and capacity to repay your debts, including the personal loan? To answer this question, they’ll appear at your income history and your whole debts.
Credit — Do you have a top history of repaying your debts, as evidenced through your deposit reviews and scores?
Collateral — Does the property serve as sufficient collateral for the loan, based totally on its contemporary market value?
The underwriter will use the domestic appraisal file to decide this. If the underwriter encounters issues at some stage in this overview process, he or she might provide the borrower a listing of conditions that need to be resolved. This is regarded as a conditional approval. A common instance of a “condition” is when an underwriter asks for a letter of explanation pertaining to specific bank deposit.
If the issues discovered are minor in nature, and the borrower(s) can get to the bottom of them in a timely manner, then the home loan can move forward and ultimately end result in approval. However, if the underwriter discovers a serious difficulty that is backyard the eligibility parameters for the loan, it might be rejected outright. Some home buyers sail through the underwriting manner with no problems whatsoever. It varies. Underwriting is arguably the most essential step in the home loan approval process, due to the fact it determines whether the home loan is ultimately approved.
Step 6: Closing
If the mortgage underwriter is satisfied that the borrower and the property being purchased meet all guidelines and requirements, he will label “clear to close.” This means all requirements have been met, and the loan can be funded. Technically speaking, this is the final step in the mortgage approval process, though there is one more step before the deal is done — and that’s closing.
A few days before closing, borrowers should receive a Closing Disclosure. This is a standardized five-page form that gives you finalized details about the mortgage loan. It includes the loan terms, your projected monthly payments, and the amount you will need to pay in fees and other closing costs.
What happens at closing? All loan documents are sent to the title company. And there are a lot of documents. The home buyers and sellers must then review and sign all of the pertinent documents, so the funds can be disbursed. .