An Overview of the Loan Process
No doubt, a lot involved when you get a mortgage. You wouldn't be researching mortgage loans if it were possible to get a mortgage 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 main steps involved in getting 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? 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: complete a pre-qualification
This is where the rubber meets the road and you save the most money. You will supply info about your current job, your assets, and residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission. We will go over this information and give you a letter of pre-qualification. Be careful with this letter — it can be a great tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're deciding on the home that's right for you, we are finding the loan that best fits your needs.
Step three: apply now! We make it easy
Once you have made an offer and the sellers have accepted, you should apply for the loan. It's very easy, 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'll order the professional appraisal on the home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" and closing. We'll coordinate with this company to make sure all the papers your lender needs are avaiailable, and you will probably}likely sign everything at their officeWe coordinate with the title company to set your date of closing. Since 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 your new house.
You've answered some few questions, given us lots of information, applied , and before you know it, you are deciding when to move in! We take care of all the loan details 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. Chris Caggiano - Grand Oaks Funding, LLC answers loan process questions every day.