The Loan Process: an Overview

There's little question that getting a mortgage loan is a complicated process. You wouldn't be visiting our website if it were possible to complete a one-page loan app and get the best loan check cut the same day. 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. How much of a monthly payment can you afford? 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 Chris Caggiano - Grand Oaks Funding, LLC can really save you money. You will provide details about your current job, your assets, and residence history. You'll supply your employment, asset, and residence history information. We get your permission to pull your credit score and report. We will go over this information then provide a letter of pre-qualification. Be careful with this letter — it can be a useful tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're looking for your new home with your REALTOR™, we find the best program for you.

Step three: apply for your loan

Once you have made the offer and the sellers have 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: your loan is funded

The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to make sure all the papers your lender requires are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe work with with the title company to set your date to close. Since you will not have to worry with this coordination, you can think about moving logistics, painting, carpet, and the fun parts of moving into a new home.

You've answered a few questions, given us lots of information, applied online, and Before you know it, you're moving! Chris Caggiano - Grand Oaks Funding, LLC is a mortgage specialist; you're not — so we do the work. Doesn't that make sense?

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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