About the Loan Process
No doubt, a lot to do in oder to get a mortgage. You wouldn't be here on our website if it were possible to complete a simple application and receive a great loan funded in one day. But Back Bay Funding does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major milestones.
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? 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: pre-qualify for your loan
This step is where Back Bay Funding will begin to save you money. You will supply details about your current job, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). After we have reviewed all this information we will provide a letter of pre-qualification. Be careful with this letter — it is a great tool when you make your offer! Your agent should use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for a new house with your real estate agent, we find the best program for you.
Once you've made an offer and it's been accepted, it's time to complete the loan application. It couldn't be easier, and you can do it online, right here on our site. After the offer has been accepted and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to find a title company to handle 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 do all the work to work with with the title company on your date to close. Because you will not need to worry about these details, you can think about the move, if you're going to repaint, carpet, and the fun parts of moving into your new home.
You've answered some few questions, provided lots of information, applied online, and before you know it, you are moving in! Back Bay Funding is in the business of loans; you're not — so we do the work. Makes sense, doesn't it??
Have questions about the loan process? Call Back Bay Funding at (800) 299-0270. Back Bay Funding answers loan process questions every day.