About the Loan Process
Looking for mortgage advice? We'd be thrilled to talk about our mortgage offerings! Call us at 9183711065. Ready to get started? Apply Online Now
Make no mistake, there's quite a lot involved when you get a mortgage. You wouldn't be researching mortgage loans if you could get a loan in one day with a simple application. But American Bank of Oklahoma does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in obtaining a mortgage loan.
Step one: Decide on your maximum loan amount
This is a function of a couple things. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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.
Step two: pre-qualify for your loan
This is where the process really begins and American Bank of Oklahoma can really save you money. You will give us info on your employment, assets, and residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission, of course). When we review this information we give you a pre-qualification letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're deciding on your new home, we are researching the best loan for you.
Step three: apply now! We make it easy
After you've signed the offer and the sellers accept it, it's time to apply for the loan. It's very easy, and you can apply online, right here on our website. After the offer has been accepted and you have applied for your loan, we'll order a professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll coordinate with this company to make sure the papers your lender will need are in order, and you'll probably}likely sign all these papers at their officeWe work with with this company to set your closing date. Since you won't need to worry with this coordination, you can think about moving, if you're going to repaint, carpet, and the fun parts of moving into your new house.
You've answered some few questions, provided lots of information, applied online, and Before you know it, you're moving! American Bank of Oklahoma is a mortgage specialist; you're not — so we take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call American Bank of Oklahoma at 9183711065. We answer questions about the loan process every day.