The Mortgage Loan Process: an Overview
No doubt, a lot involved in oder to get a mortgage loan. You would not be researching mortgage loans if you could get a mortgage loan in one day by filling out a simple application. But Boardwalk Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major steps.
Step one: Decide how much you can afford
This is a function of a couple things. What kind of monthly payment are you looking for? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? Use the calculators on our website to determine your monthly payment amount. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.
Step two: pre-qualify for your loan
This is where the process really begins and Boardwalk Mortgage can really save you money. You will give us information about your current job, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We get your permission to run your credit score and report. After we've reviewed your information, we'll provide you with a pre-qualificaiton letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're deciding on the home that's right for you, we're busy finding the loan program that's just right for your situation.
After you've made the offer and the sellers have accepted, you should apply for the loan. Applying for your loan couldn't get much easier; you can apply right here on our site. Finally, we will order the appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will coordinate to designate an escrow/title company to take care of the funding of your loan once it's approved. We'll coordinate with this company to ensure the papers your lender will require are avaiailable, and you will probably}likely sign all these papers at their officeWe coordinate with the title company to set your date of closing. Since you will not have to worry about these details, you can concentrate on moving logistics, painting, new carpet, and the fun parts of getting your new home.
You've answered a few questions, provided detailed information, applied , and the next thing you know, you are deciding when to move in! We take care of the legwork so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call Boardwalk Mortgage at 1-800-606-2794. Boardwalk Mortgage answers loan process questions every day.