An AMC Mortgage Consultant will walk you through the whole process to ensure you achieve your purchase goals. Your Mortgage Consultant will assess your credit-worthiness, establish expectations and timelines, and discuss loan options.
Speak with a Mortgage Consultant
After your initial conversation, your Mortgage Consultant will ask you to fill out the online application and request documents to make sure you are pre-approved. Typically, we will request tax returns, W-2’s, 2 most recent months of bank statements, and pay stubs. A pre-approval is important because sellers will not entertain offers without a pre-approval letter.
The property will need to be appraised by a licensed appraiser and the appraiser will set up an inspection to view and take photos of the property. We will coordinate this on our side and the appraiser assigned will be contacting you shortly. When the appraisal is complete you will receive an e-mail from your Mortgage Consultant/processor with the attached report.
Process & Underwrite Loan
Our team works on verifying your income, assets, debt and property details to issue a final approval for the loan. You may be asked for additional documents during this time.
Final Loan Approval
After all closing conditions have been satisfied, your loan will be approved. Usually, closing disclosures (also known as CD) are sent out at this time. The CD is sent to ensure closing costs have not changed significantly. Note, borrowers are not allowed to sign loan documents until three business days have passed from the signing of the closing disclosure.
Once loan documents have been signed and reviewed, the loan is eligible for funding! The title company or realtor will give you the keys to your new home!
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Tips for Success after Pre-Approval
- Provide all requested documentation to the lender in a timely fashion.
- Do NOT make any significant life changes before or during the loan process.
- Do NOT quit your job, change jobs, or become self-employed.
- Do NOT make any large purchases like buying a new car or furniture.
- Do NOT co-sign for any other loans.
- Do NOT apply for new credit.
- Do NOT withdraw large amounts of money from your bank accounts.
- Do NOT make any large deposits into your bank account without a paper trail.