How the Mortgage Loan Process Works
There's a lot to do in oder to get a mortgage loan. You wouldn't be researching mortgage loans if it were possible to get a mortgage loan in a single day by filling out a simple application. But Back Bay Funding does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in obtaining a mortgage loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. How much of a monthly payment can you afford? What is the maximum you can borrow from a lender, given your income and credit history? 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: complete a pre-qualification
This is where Back Bay Funding can begin to save you money. You will give us details about your employment, assets, and residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission. We will review this information then will provide a letter of pre-qualification. Your real estate agent will likely use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for a new home with your REALTOR™, we find the best program for you.
After you've signed the offer and the sellers have accepted, you should apply for the loan. Applying for a loan couldn't get much easier; you can apply right here on our site. At the end of this step, we will order the appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will coordinate to find an escrow/title company to take care of the funding of your loan once it has been approved. We'll coordinate with this company to make sure all the papers your lender will require are in order, and you'll probably}likely sign everything at their officeWe do all the work to work with with the title company on your date to close. Because you don't need to worry with this coordination, you can concentrate on moving logistics, painting, new carpet, and all the details of getting your new house.
You've answered some few questions, provided detailed information, applied , and Before you know it, you're moving in! We take care of the legwork 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 (800) 299-0270. Back Bay Funding answers loan process questions every day.