The Mortgage Loan Process: an Overview
No doubt, quite a lot involved in oder to get a mortgage loan. You would not be researching mortgage loans if you could get a 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.
There are four important steps involved in obtaining a mortgage loan.
Step one: Decide on your maximum loan amount
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? Use the calculators on our website to determine your monthly payment amount. 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 details about your employment, assets, and residence history. You'll provide information on your employment, asset, and residence history. We will get your credit report and score (with your permission. After we've finished reviewing the provided information, we'll give you a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're deciding on your new home, we are finding the loan that best fits your needs.
Step three: apply now! We make it easy
Once you've made an offer and the sellers have accepted, it's time to complete the loan application. It's very easy, and you can apply online, right here on our site. When the time is right, we will order the appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will coordinate to designate a title company to handle the funding of your loan. We'll coordinate with this company to ensure the papers your lender needs are in order, 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 get to think about the move, if you're going to repaint, carpet, and the fun parts of getting your new house.
You've answered some few questions, provided detailed information, applied , 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 do the work. Doesn't that make sense?
Have questions about the loan process? Call Back Bay Funding at (800) 299-0270. We answer questions about the loan process every day.