The Four Steps of the Loan Process:The Loan Process: Four Steps
Make no mistake, there's a lot to do in oder to get a mortgage loan. You wouldn't be here on our site if it were possible to fill out a simple application and get an excellent loan check cut in one 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.
Getting a mortgage loan involves four major milestones.
Step one: Decide how much you can afford
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. 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 can begin saving you money. You will supply information about your current job, assets, and your residence history. You'll provide your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission, of course). After we've finished reviewing this information, we'll give you a pre-qualificaiton letter. Your REALTOR® will likely 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 deciding on your new home, we're busy finding the loan program that's right for your unique situation.
Once you have made an offer and it's been accepted, you should apply for the loan. It's very easy, and you can apply online, right here on our site. After the offer has been accepted and you have applied for your loan, we will order the professional appraisal on the home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" and closing. We'll work with this company to make sure the papers your lender needs are avaiailable, and you will probably}likely sign all these papers at this company's officeWe do all the work to work with with this company on your closing date. Because you don't have to worry with this coordination, you can concentrate on the move, painting, carpet, and the details involved in getting your new house.
You've answered a few questions, given us detailed information, applied online, and the next thing you know, you're moving in! Back Bay Funding is in the business of loans; you're not — so take care of the details. Doesn't that sound nice?
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!