An Overview of the Mortgage Loan Process
No doubt, quite a lot involved in oder to get a mortgage loan. You wouldn't be looking up loan information if you could get a loan in a single day by filling out a simple application. 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 mortgage 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? 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. 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 is where the rubber meets the road and you save the most money. You will provide details about your current job, your assets, and residence history. You'll supply information on your employment, asset, and residence history. We get your permission to pull your credit score and report. After we've reviewed the provided information, we'll provide you with a pre-qualificaiton letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're looking for a new house with your real estate agent, we find the best program for you.
After you've made an offer and the sellers accept it, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our website. After the offer has been accepted and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" and closing of the sale. We'll work with this company to ensure all the papers your lender will need are avaiailable, and you'll probably}likely sign all these papers at their officeWe work with with the title company on your date to close. Since you will not have to worry with this coordination, you get to concentrate on moving, painting, new carpet, and all the details of getting your new house.
You've answered a few questions, given us detailed information, applied , and the next thing you know, you are moving in! We take care of all the loan details so you can focus on 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.