An Overview of the Loan Process
There's a lot to do when you get a mortgage. You wouldn't be visiting our site if it were possible to complete a simple application and receive an excellent loan funded in one day. But Back Bay Funding does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a loan involves four major milestones.
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? 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 the process really begins and you save the most money. You will provide details on your current job, assets, and your residence history. You'll supply your employment, asset, and residence history information. We pull your credit score and report. We'll go over this information and will give you a letter of pre-qualification. Your real estate agent will 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 house with your agent, we find the best program for you.
Step three: apply now! We make it easy
Once you have made an offer and the sellers have accepted, it's time to apply for the loan. It's very easy, and you can apply online, right here on our website. After the seller has accepted your offer and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will work together to decide on a title company to take care of the funding of your loan once it has been approved. We'll work with this company to ensure all the papers your lender requires are in order, and you'll probably}likely sign all these papers at their officeWe do all the work to work with with the title company on your date of closing. Because you don't need to coordinate this process, you can concentrate on moving, painting, new carpet, and the fun parts of moving into your new house.
You've answered a few questions, provided lots of information, applied online, and Before you know it, you'll be moving in! Back Bay Funding is a mortgage specialist; 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.