How the Loan Process Works
There's little doubt ; getting a mortgage loan is a complicated process. You wouldn't be visiting our website if you could complete a simple loan app and receive an excellent loan check cut the same day. We do 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 getting a mortgage loan.
Step one: Decide on your maximum loan amount
This is a function of a couple things. 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. 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 process really begins and you save the most money. You will provide information on your employment, assets, and your residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (with your permission. After we have reviewed this information we provide a pre-qualification letter. Be careful with this letter — it is a great tool when you make your offer! Your REALTOR® 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 looking for a new home with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
Once you have signed the offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our site. When the time is right, we will order the appraisal of your new home.
Step four: funding
The agents will find a title company to handle the "funding" of the loan and closing. We'll work with this company to make sure the papers your lender requires are avaiailable, and you'll probably}likely sign everything at their officeWe coordinate with the title company to set your date of closing. Because you won't have to coordinate this process, you can concentrate on moving logistics, painting, new carpet, and the details involved in getting your new house.
You've answered a few questions, provided lots of information, applied , 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 (888) 299-4585. Back Bay Funding answers loan process questions every day.