The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
There's little question that getting a mortgage is a complex process. You would not be looking up loan information if it were possible to get a loan in one day by filling out a simple application. We do most of the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
There are four main steps involved in obtaining a loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. What kind of monthly payment are you looking for? 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. We'll also help you through different scenarios by asking a few simple questions. 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 give us details about your current job, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We run your credit score and report. We will go over this information then will give you a letter of pre-qualification. Your agent should use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for a new house with your agent, we find the best program for you.
Step three: apply now! We make it easy
Once you've made the offer and it's been accepted, you should complete the loan application. It's very easy, and you can do it online, right here on our site. At the end of this step, we'll order an appraisal of your new home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" and closing. We'll work with this company to make sure all the papers your lender requires are avaiailable, and you will probably}likely sign all these papers at their officeWe do all the work to coordinate with this company on your closing date. Because you will not need to worry with this coordination, you can think about the move, paint colors, new carpet, and the details involved in getting a new house.
You've answered some few questions, given us lots of information, applied online, and Before you know it, you're moving! We take care of the loan details 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 (888) 299-4585. Back Bay Funding answers loan process questions every day.