The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
There can be little question ; getting a mortgage is a complex process. You wouldn't be here on our site if it were possible to complete a simple loan app and get the best loan check cut in one day. 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 home loan involves four major steps.
Step one: determine how much you can borrow
A couple of factors determine this amount. How much of a monthly payment can you afford? 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. We'll also help you through different scenarios by asking a few simple questions. 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 rubber meets the road and Back Bay Funding can really save you money. You will supply information on your current job, assets, and your residence history. You'll provide your employment, asset, and residence history information. We run your credit score and report. When we review this information we will provide a letter of pre-qualification. Handle it with care — it can be a great tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for your new home with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
After you've made an offer and the sellers accept it, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our website. After the seller has accepted your offer and you have submitted your loan application, we'll order a professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will work together to find a title company to handle the funding of your loan. We'll coordinate with this company to make sure all the papers your lender will need are avaiailable, and you'll probably}likely sign all these papers at their officeWe coordinate with this company to set your closing date. Since you won't need to worry about these details, you can think about moving, if you're going to repaint, new carpet, and the fun parts of moving into your new home.
You've answered some few questions, given us detailed information, applied online, and Before you know it, you'll be moving in! Back Bay Funding is in the business of mortgage loans; you're not — so we take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call Back Bay Funding at (888) 299-4585. It's our job to answer lending questions, so we're happy to help!