The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps

There is no doubt ; getting a mortgage loan is a complicated process. You wouldn't be here on our site if you could fill out a simple application and receive a great loan check cut in one day. But Chris Caggiano - Grand Oaks Funding, LLC does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

There are four important steps involved in getting 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? Use the calculators on our website to determine your monthly payment amount. 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 provide info about your current job, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (with your permission. After we've reviewed your information, we'll give you a pre-qualificaiton letter. Your REALTOR® should use your pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're deciding on the home that's right for you, we're busy finding the loan program that's right for you.

Step three: apply now! We make it easy

Once you have signed the offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan could not be much easier; you can apply from the comfort of your home right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order the professional appraisal on the home.

Step four: your loan is funded

Your REALTOR® and the seller's will work together to decide on a title company to handle the funding of your loan once it has been approved. We'll coordinate with this company to make sure the papers your lender needs are in order, and you will probably}likely sign all these papers at this company's officeWe do all the work to coordinate with this company on your closing date. Because you won't have to worry about these details, you get to concentrate on moving, paint colors, carpet, and the details involved in getting a new home.

You've answered a few questions, given us detailed information, applied , and before you know it, you are moving in! We take care of the mortgage legwork so you can spend your time finding the new home that's right for you.

Have questions about the loan process? Call Chris Caggiano - Grand Oaks Funding, LLC at (718) 477-4405. We answer questions about the loan process every day.

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