American Mortgage

Loan Process

Loan Process

The mortgage loan process doesn't have to be difficult. Once you have made the decision to pursue applying for a mortgage loan with American Mortgage, your Mortgage Loan Originator will work with you to obtain the necessary documentation required for a loan decision to be made.

Below is a summary of the mortgage loan process so that you will have a better understanding of what you can expect:

Step 1 - Get Pre-approved
Contact Greg Novak with American Mortgage to start your loan application or 
Click this link to fill out the Application Online.

Step 2 - Gather your documents
This is a generic list of the typical documents most buyers will need to provide.
- Drivers License and Social Security Card
- Most recent 30 days of paystubs
- Most recent social securty or retirement benefits letter
- Most recent 2 years of W2's and 1099s
- Most recent 2 years of complete tax returns
- Most recent 2 months of bank statements

Step 3 - Shop for your new home
Once you have been pre-approved, now it is time to contact your real estate agent and start shopping for your new home.
When you find your home, work with your agent to make an offer.  
When your offer is accepted, and you are under contract contact your loan officer to start the next steps in the mortgage process.  

Step 4 - The Mortgage Process
You now have an accepted contract for your new home.   
- Call Greg Novak your mortgage professional with the good news
- Your Loan Officer will let you know if you need to provide any documents to update your application.
- Once your application has been updated and completed, the Mortgage Processor will submit your loan for underwriting. 
- The appraisal will also be ordered at this time.  (The purpose of the appraisal is to provide a reasonable level of confidence that based on other similar homes in the area, the home you are purchasing is worth what you are paying for it.)

Step 5 - Underwriting
The underwriter will review your application and the documents submitted to make sure everything meets the loan program guidelines.   
Typically, the underwriter will have a question or two and might request some additional documents.   
Your loan officer and processor will contact you and work with you to collect and submit anything additional that the underwriter has requested.

Step 6 - Prep for Closing
When all of the underwriter's conditions have been satisfied and your loan has been cleared to close, the lender and the title company will work together to finalize your Closing Disclosure.   
The closing disclosure is the document that details every cost and credit paid or given in this transaction.  
Additionally at this point, the date, location and time for closing will be set.

Step 7 - CLOSING
The closing is the final and best part of the process.  
This is where you review and sign all of your closing documents.
Once you have signed all of the closing documents and the Closer has confirmed that all money has been transferred, they will hand you your keys to your new home.   

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