How the Loan Process Works
There is no question that getting a mortgage is a complex process. You would not be researching mortgage loans if you could 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: determine how much you can borrow
This is a function of a couple things. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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. 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 details on your current job, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We run your credit score and report. After we've reviewed this information, we'll give you a pre-qualificaiton letter. 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 deciding on your new home, we're busy researching the loan program that's just right for you.
Step three: apply now! We make it easy
Once you have made the offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can do it online, right here on our website. After the offer has been accepted and you have applied for your loan, we will order a professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to find a title company to handle the funding of your loan. We'll coordinate with this company to make sure the papers your lender needs are avaiailable, and you will probably}likely sign everything at their officeWe do all the work to work with with this company to set your date of closing. Since you will not need to worry with this coordination, you can think about moving, painting, carpet, and the details involved in getting a new house.
You've answered a few questions, provided lots of information, applied , and Before you know it, you'll be moving in! Back Bay Funding is a mortgage specialist; you're not — so we take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Back Bay Funding at (888) 299-4585. Back Bay Funding answers loan process questions every day.