The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
There's little doubt that getting a mortgage is a complex process. You wouldn't be here on our site if you could fill out a one-page mortgage application and receive the best 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.
Getting a mortgage loan involves four major milestones.
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? 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. 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: pre-qualify for your loan
This is where the rubber meets the road and Chris Caggiano - Grand Oaks Funding, LLC can really save you money. You will give us details on your current job, assets, and residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission, of course). We'll go over all this information then provide a pre-qualification letter. Be careful with this letter — it can be a great tool for buying your new home! Your REALTOR® will likely use your pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're looking for your 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, you should apply for the loan. Applying for a loan couldn't be much easier; you can apply any time right here on our site. Finally, 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. We'll coordinate with this company to make sure the papers your lender requires are in order, and you'll probably}likely sign everything at their officeWe coordinate with the title company to set your closing date. Since you won't have to coordinate this process, you can concentrate on moving, painting, carpet, and the details involved in getting your new house.
You've answered some few questions, provided detailed information, applied , and before you know it, you are moving in! We do the mortgage legwork 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. It's our job to answer lending questions, so we're happy to help!