The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
There's little question ; getting a mortgage is a complicated process. You would not be looking up loan information if it were possible to get a loan in a single day by filling out a simple application. 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 mortgage loan involves four major steps.
Step one: Decide how much you can afford
A couple of factors determine this amount. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? You can get a good idea of your preferred payment abount using the calculators on our website. 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: pre-qualify for your loan
This step is where Chris Caggiano - Grand Oaks Funding, LLC will begin to save you money. You will give us information on your employment, assets, and your residence history. You'll provide your employment, asset, and residence history information. We get your permission to run your credit score and report. After we have gone over this info we will give you a letter of pre-qualification. Handle it with care — it can be a useful tool for buying your new home! Your agent should use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for your new house with your real estate agent, we find the best program for you.
Once you have made the offer and the sellers have accepted, you should complete the loan application. It couldn't be easier, and you can do it online, right here on our website. Finally, we will order an appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will work together to designate a title company to take care of the funding of your loan once it has been approved. We'll work with this company to ensure all the papers your lender will require are in order, and you'll probably}likely sign all these papers at this company's officeWe do all the work to work with with this company on your date to close. Because you will not have to coordinate this process, you get to think about moving, if you're going to repaint, carpet, and all the details of getting your new home.
You've answered a few questions, provided lots of information, applied online, and Before you know it, you'll be moving! Chris Caggiano - Grand Oaks Funding, LLC is in the business of loans; you're not — so take care of the details. Doesn't that sound nice?
Have questions about the loan process? Call Chris Caggiano - Grand Oaks Funding, LLC at (718) 477-4405. Chris Caggiano - Grand Oaks Funding, LLC answers loan process questions every day.