The Four Steps of the Loan Process:The Loan Process: Four Steps
There's little doubt ; getting a mortgage loan is a complex process. You would not be researching mortgage loans if it were possible to get a mortgage loan in a single day with a simple application. We do most of the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
Getting a mortgage loan involves four major steps.
Step one: Decide on your maximum loan amount
This is a function of a couple things. 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? 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. 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: pre-qualify for your loan
This is where Boardwalk Mortgage can begin saving you money. You will give us details on your current job, assets, and your residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission, of course). After we have gone over all this information we give you a pre-qualification letter. Be careful with this letter — it is a useful tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're looking for your new house with your REALTOR™, we find the best program for you.
Once you've made the offer and the sellers have accepted, it's time to apply for the loan. It's very easy, and you can apply online, right here on our website. When the time is right, we'll order the appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to designate a title company to handle the funding of your loan. We'll work with this company to ensure all the papers your lender requires are in order, and you will probably}likely sign everything at this company's officeWe do all the work to coordinate with this company to set your date of closing. Since you won't need to worry about these details, you can concentrate on moving logistics, if you're going to repaint, carpet, and the fun parts of moving into a new home.
You've answered a few questions, provided lots of information, applied online, and before you know it, you're moving in! We take care of the loan details so you can spend your time finding your new home.
Have questions about the loan process? Call Boardwalk Mortgage at 1-800-606-2794. It's our job to answer lending questions, so we're happy to help!