The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
There can be little doubt ; getting a mortgage loan is a complex process. You wouldn't be researching mortgage loans if you could get a 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 mortgage loan involves four major steps.
Step one: determine how much you can borrow
A couple of factors determine this amount. What kind of monthly payment are you looking for? What is the maximum you can borrow from a lender, given your income and credit history? You can get a good idea of your preferred payment abount using the calculators on our website. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. Because lender guidelines are fairly standard, we can give you a good idea of how much you can borrow after a short conversation.
Step two: complete a pre-qualification
This step is where Boardwalk Mortgage can begin saving you money. You will provide info about your employment, assets, and residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission. After we have gone over all this info we will provide a letter of pre-qualification. With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're looking for a new house with your real estate agent, we find the best program for you.
After you've made the offer and the sellers have accepted, you should apply for the loan. Applying for your loan could not get much easier; you can apply from the comfort of your home right here on our site. After the seller has accepted your offer and you have applied for your loan, we will order the professional appraisal on the home.
Step four: funding
The agents will find a title company to handle the "funding" and closing of the sale. We'll coordinate with this company to make sure all the papers your lender will need are avaiailable, and you will probably}likely sign everything at this company's officeWe coordinate with this company to set your closing date. Because you will not have to worry about these details, you get to think about the move, painting, new carpet, and all the details of moving into a new home.
You've answered some few questions, provided lots of information, applied , and the next thing you know, you are moving in! We do the mortgage legwork so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Boardwalk Mortgage at 1-800-606-2794. We answer questions about the loan process every day.