An Overview of the Loan Process
No doubt, quite a lot to do in oder to get a mortgage. You wouldn't be looking up loan information if it were possible to get a mortgage loan in a single day with a simple application. But Back Bay Funding does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a 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? 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: complete a pre-qualification
This is where the process really begins and Back Bay Funding can really save you money. You will supply details on your employment, your assets, and residence history. You'll provide your employment, asset, and residence history information. We get your permission to pull your credit score and report. When we review this information we will provide a pre-qualification letter. 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 picking out your new home, we are finding the best loan program for you.
Once you have made the offer and the sellers accept it, you should apply for the loan. Applying for a 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
Your REALTOR® and the seller's will work together to find an escrow/title company to take care of the funding of your loan. We'll work with this company to ensure the papers your lender will require are avaiailable, and you will probably}likely sign everything at this company's officeWe work with with this company on your closing date. Because you won't need to worry with this coordination, you get to think about moving, paint colors, carpet, and the fun parts of moving into a new house.
You've answered some few questions, given us lots of information, applied , and before you know it, you're deciding when to move in! We do the legwork so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Back Bay Funding at (800) 299-0270. It's our job to answer lending questions, so we're happy to help!