How the Loan Process Works

There can be little question ; getting a mortgage is a complex process. You wouldn't be visiting our website if you could complete a simple loan app and receive a great loan funded the same 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.

There are four important steps involved in getting a mortgage loan.

Step one: Decide how much you can afford

This is a function of a couple things. 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. 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: complete a pre-qualification

This is where the process really begins and you save the most money. You will give us details on your employment, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission, of course). We will go over all this info and provide a pre-qualification letter. Be careful with this letter — it can be a useful tool for buying your new home! Your agent will use the pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're picking out the home that's right for you, we're busy researching the loan program that's right for your situation.

Step three: apply now! We make it easy

After you've made the offer and the sellers accept it, it's time to apply for the loan. Applying for a loan couldn't be much easier; you can apply any time right here on our site. When the time is right, we'll order the appraisal of your new home.

Step four: your loan is funded

Your real estate agent and the seller's will work together to find a title company to handle the funding of your loan once it's approved. We'll coordinate with this company to make sure the papers your lender will require are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe do all the work to coordinate with this company to set your date of closing. Because you will not have to worry about these details, you get to concentrate on the move, if you're going to repaint, carpet, and the details involved in moving into a new home.

You've answered some few questions, provided lots of information, applied online, and Before you know it, you're moving in! We take care of all the loan details so you can focus on finding the new home that's right for you.

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!

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