We have a six-step process in order to receive a loan from our St. Louis mortgage lenders. After (1) prequalifying, (2) applying for the loan, (3) processing the application, (4) appraising your home, (5) underwriting and (6) closing, you can take the most important step — into your new home!

STEP 1:  PREQUALIFICATION

The prequalification stage involves a mathematical equation to determine how much of a home loan you are able to afford. One way to prequalify is through our website’s “Loan Advisor” section. You can also contact us directly via our website or by phone at 314-546-4844. With USA Mortgage as your St. Louis mortgage company of choice, the prequalification process takes less than five minutes!

 

STEP 2:  LOAN APPLICATION

When applying for a loan, you have the option to schedule an in-person appointment with one of our St. Louis loan officers. Or, we are able to take your application over the phone, which generally takes less than 15 minutes. If applying online is your preference, you can begin our very secure process via the full application or short application.

 

STEP 3: APPLICATION PROCESSING & PREAPPROVAL

Processing the application is another way of saying that we are verifying an applicant’s information. Your preapproval means you will know how much home you can afford. Your real estate agent can write your contract in confidence. One of our experienced St. Louis loan officers will contact you for the following:

  1. Your last two pay stubs (one year-to-date; P & L if self-employed)
  2. Your last two W-2 forms (personal and/or corporate returns will not be requested unless necessary)
  3. The last two statements you have received in the mail from any institution with which you have money on deposit (ie: checking or savings account, investments, 401K, etc.)

During this process, your loan officer will order a credit report. We can then offer a preapproval and you are ready to find your dream home!

 

STEP 4: HOME APPRAISAL & TITLE

Once you have found the perfect home and have an accepted contract, we will order your appraisal and title. An appraiser will contact your real estate agent to schedule a 15-minute appointment to explore the inside of the property. The appraiser will then spend significant time researching other homes of similar size and lot that have sold as geographically close in proximity as possible to the subject property within the last six months.

 

STEP 5: LOAN UNDERWRITING

An underwriter determines if a loan is approved or rejected and under what terms. At this time, the appraisal is looked at to make sure it supports the contract price of the home.  If there is a problem with the home value, a counteroffer may have to be done between buyer and seller. The underwriter will verify employment, income, taxes, money to close and credit – again.

 

STEP 6: CLOSING

The closing process takes place at the title company of choice or at our USA Mortgage office in O’Fallon. Our title company affiliate named American Land Title is available to you for a price quote. You can contact them today at 314-546-4844. Your St. Louis mortgage lender will contact you 24 hours prior to closing to ensure everything has been coordinated appropriately.

 

USA Mortgage is different from its competition in that our underwriters are in-house. Your private files do not leave our offices. Therefore, we can walk you through this six-step process quicker and bring you that much closer to becoming a new homeowner. Contact us today to get started!