Getting pre-approved for a loan helps you to know how much home you can afford. To start, you’ll be asked to complete a loan application. The Heinemann Mortgage Team at American Security Mortgage Corp. reviews the application and the supporting documentation and will send a pre-approval letter with the financing option(s) you qualify for. Completing this step up front increases your negotiating power when making a purchase offer. This lets the seller and listing agent know that you are qualified to purchase the property!

Once your offer on a property has been accepted, you will need to send us a copy of the fully executed contract so we can lock in your interest rate and start the mortgage loan process.

You will then receive the initial loan disclosures as well as a “Needs List.” This will have information about your loan along with requests for any documentation or additional information that we need for loan processing. You’ll want to turn in these requests to the Heinemann Mortgage Team at American Security Mortgage Corp. in a timely manner in order to meet any contract contingencies and ensure an on time closing.

An appraisal or certain inspections may be required. This helps to know the true value of the home so you, the borrower, are protected from overpaying. A title examination is also performed at this time by an attorney or title company to determine whether any liens exist on the property's previous owners. The Heinemann Mortgage Team at American Security Mortgage Corp. coordinates both the appraisal and the title examination.

The Heinemann Mortgage Team at American Security Mortgage Corp’s processor will now prepare your file for underwriting! The processor may request other documentation or additional information at this time so your file can be submitted to underwriting for approval. After your loan comes out of underwriting, the processor follows up with you if the underwriter has any additional needs. Once your file has received final approval from underwriting, you and all parties involved will be notified!

The Heinemann Mortgage Team at American Security Mortgage Corp’s closing department will coordinate with the attorney/title company to ensure that your closing disclosure is accurate. You will receive your final cash to close figure from the attorney/title company along with wiring instructions of how to send the funds. The day of closing is when all final loan documents are signed and the transaction is complete with the necessary loan funds. Congratulations - you did it!