An Overview of the Mortgage Loan Process
Make no mistake, there's a lot involved in oder to get a mortgage. You would not be looking up loan information if it were possible to get a mortgage loan in a single day with a simple application. 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 primary steps involved in obtaining a mortgage loan.
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. 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: complete a pre-qualification
This step is where Chris Caggiano - Grand Oaks Funding, LLC will start to save you money. You will provide details on your employment, your assets, and residence history. You'll supply information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission, of course). After we've finished reviewing the provided information, we'll provide you with a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're looking for your new house with your agent, we find the best program for you.
Once you've made the offer and the sellers have accepted, you should apply for the loan. Applying for a loan couldn't be much easier; you can apply 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
The agents will find a title company to handle the "funding" of the loan and closing. We'll coordinate with this company to ensure all the papers your lender requires are in order, and you will probably}likely sign all these papers at this company's officeWe work with with this company to set your closing date. Because you won't need to coordinate this process, you get to think about moving logistics, if you're going to repaint, new 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'll be moving in! We take care of the loan details so you can focus on finding your new home.
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!