How the Loan Process Works
There can be little question ; getting a mortgage loan is a complicated process. You would not be looking up loan information if it were possible to get a 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.
Getting a mortgage loan involves four major steps.
Step one: Decide on your maximum loan amount
This is a function of a couple things. What kind of monthly payment are you looking for? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? Use the calculators on our website to determine your monthly payment amount. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 is where the process really begins and Back Bay Funding can really save you money. You will supply information about your employment, assets, and your residence history. You'll supply your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we've reviewed your information, we'll provide a pre-qualificaiton letter. Handle it with care — it can be a useful tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're picking out the home that's right for you, we're busy finding the loan that's right for your unique situation.
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 apply online, right here on our website. When the time is right, we'll order the appraisal of your new 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 all the papers your lender needs are in order, and you'll probably}likely sign everything at this company's officeWe do all the work to coordinate with the title company on your date to close. Since you will not have to worry about these details, you get to concentrate on moving, painting, carpet, and the details involved in moving into a new home.
You've answered a few questions, provided detailed information, applied , and Before you know it, you'll be moving! Back Bay Funding is in the business of mortgage loans; you're not — so take care of the details. 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.