How the Mortgage Loan Process Works
Make no mistake, there's quite a lot to do in oder to get a mortgage loan. You wouldn't be visiting our website if it were possible to fill out a simple mortgage application and receive a great loan check cut 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 mortgage loan involves four major milestones.
Step one: determine how much you can borrow
A couple of factors determine this amount. 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. 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 step is where Back Bay Funding will begin saving you money. You will give us info on your current job, your assets, and residence history. You'll give us your employment, asset, and residence history information. We pull your credit score and report. After we've finished reviewing your information, we'll give you a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for your new home with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
After you've made an offer and the sellers accept it, you should apply for the loan. Applying for your loan could not get much easier; you can apply online right here on our site. At the end of this step, we'll order an appraisal of your new home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" of the loan and closing. We'll coordinate with this company to ensure all the papers your lender requires are in order, and you will probably}likely sign everything at this company's officeWe coordinate with the title company on your date to close. Because you will not need to worry with this coordination, you get to think about moving, if you're going to repaint, carpet, and the fun parts of moving into a new home.
You've answered some few questions, given us detailed information, applied , and the next thing you know, you are deciding when to move in! We take care of the legwork so you can spend your time finding your new home.
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!