The Mortgage Loan Process: an Overview

Make no mistake, there's a lot to do in oder to get a mortgage. You wouldn't be here on our site if it were possible to fill out a simple loan app and receive an excellent loan funded in one day. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.

Getting a loan involves four major steps.

Step one: determine how much you can borrow

This is a function of a couple things. 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? 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: complete a pre-qualification

This is where the process really begins and you save the most money. You will supply details on your employment, assets, and your 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 the provided information, we'll provide 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 looking for your new house with your agent, we find the best program for you.

Step three: apply for your loan

After you've signed the 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 site. After the offer has been accepted and you have applied for your loan, we'll order a professional appraisal on the home.

Step four: funding

The agents will find a title company to handle the "funding" and closing. We'll work with this company to ensure all the papers your lender will need are in order, and you will probably}likely sign all these papers at their officeWe work with with this company to set your closing date. Because you don't have to worry with this coordination, you get to concentrate on moving, painting, carpet, and all the details of moving into a new house.

You've answered a few questions, provided detailed information, applied , and Before you know it, you're moving! Chris Caggiano - Grand Oaks Funding, LLC 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 Chris Caggiano - Grand Oaks Funding, LLC at (718) 477-4405. It's our job to answer lending questions, so we're happy to help!

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