The Loan Process | Allied Mortgage Group | Feasterville

An Overview of the Mortgage Loan Process

There's a lot involved in obtaining a mortgage loan. You wouldn't be here on our website,loansbyallied.com, if you just could fill out a one-page application and get the best loan for you funded the same day. What we do is most of the heavy lifting for you, so you can concentrate on what's important -- preparing to move into your new home, saving more money, making plans to refinance your home to reduce your current interest rate or need cash for projects or other situations that might need large cash outlay.

There are Five steps involved in getting a loan. We try to keep it as easy as possible, since we do the majority of the work! We are here to assist you-our client.

Step one: Apply Now! Meet your lender.

The very first step you want to do is call Allied Mortgage Group at 215-355-5626 to discuss what documents you will need to apply for a mortgage. Our friendly staff of loan officers will tell you exactly what is needed. You can apply right over the phone or apply on the website . Whichever is easier for you.

Step two: Get pre-approved

This is the part you need to supply your personal information. Allied Mortgage Group loan officers are sworn to secrecy and are highly professional. You supply information about your employment history (2 years or more is needed), your financial assets, your residence history (2-year history is needed), income, rental, and so on. We will obtain credit scores once we have your verbal authorization or you can obtain your own credit report online. Once we have the credit scores along with all the information, which you gave to our loan officers, will review all of the information to make a determination. Our loan officers will call you back to go over the findings that went into making the decision. Once they give their stamp of approval they will issue a Pre-Approval Letter. Our loan officers can email or fax the pre-approval letter to your real estate professional and a copy to you. Your real estate agent will use your Pre-Approval to make the best offer on the home you choose, and the seller knows you're pre-approved. It gives you buying clout! And while you're picking out the home that's right for you, we're busy finding the loan that's right for you.

Step three: Find the house you always dreamed of

Go out with the real estate professional. Take a pad and pen with you to make notes. If your the type that needs to see a lot of homes write down what you liked and disliked from each home. Give the list to your realtor. This will tell your real estate professional what type of a home you are looking for. Once you found the home of your dreams it is time to make an offer. Do not make an offer to low. You do not want to insult the homeowner but at the same time you want to save money. Negotiate wisely. Always ask the seller to pay some of the closing costs. Once the offer is accepted the real estate professional will forward the Agreement of Sale signed by both parties to Allied Mortgage Group. Make sure you get an home inspection and termite certification. This is the most expensive purchase you will make during your life. The appraisal is ordered through an independent appraiser.

Step four: Underwriting your loan

Allied Mortgage Group employs professional underwriters with many years experience to underwrite the mortgage. These are the people that can approve or not approve your loan. They will issue a conditions list if they do not have everything that is needed to satisfy the investors. Be prepared for a "laundry" list of items to get your loan to the final stages. It is important you work closely with the processor. When the processor asks for items they must be sent over to the processor immediatey within 24 hour period. If you think it will take longer than that notify the processor so they can make notes. The processor should not have to track you down for those documents. The faster you obtain the information needed the smoother it will be for the underwriter to approve the loan. The processor will verify your employment and call the Human Resource Department. The processor will verify you are currently employed and date started. If your employment history is spotty past employment will be checked, too.

Step 5: Settlement or Closing

Congratulations! You have made it to the closing or settlement. There is few people involved in the closing of your loan. These people are the Title clerk, the real estate professional for the seller, your real estate agent, and the Allied Mortgage loan officer. The loan officer will make sure that the mound of paperwork is in order. They are there to explain anything you may have a question about. What you will be signing is the mortgage note, the deed, the application, Truth-In-Lending, any and all disclosures, and the HUD 1-also known as the Settlement Sheet. After all the signing and exchanging of funds, you will recieve the keys to your new home. Welcome Home!

You've applied online, answered a few questions, given us some detailed information, and next thing you know, you're moving in! We're in the business of mortgage lending -- we do most of the work and give you your piece of the American dream. What more can you ask for?

Licensed by the PA Department of Banking and pursuant to the secondary mortgage act. Licensed in the State of NJ by the Dept of Banking and Insurance. Licensed by the Department of Banking in Delaware DE. NMLS: 3894