The Loan Process: an Overview
There's little question that getting a mortgage is a complex process. You wouldn't be visiting our site if it were possible to fill out a simple loan application and get the best loan funded the same day. 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: Decide on your maximum loan amount
This is a function of a couple things. 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? 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: pre-qualify for your loan
This is where Chris Caggiano - Grand Oaks Funding, LLC will start saving you money. You will provide info about your employment, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We run your credit score and report. We'll review all this info and will give you a pre-qualification letter. Be careful with this letter — it is a useful tool for buying your new home! Your real estate agent will likely use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're deciding on the home that's right for you, we're busy finding the loan program that's just right for your unique situation.
Step three: apply now! We make it easy
Once you have made the offer and the sellers have accepted, you should complete the loan application. It's very easy, and you can apply online, right here on our website. After the offer has been accepted and you have applied for your loan, we will order a professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will coordinate to designate an escrow/title company to take care of the funding of your loan once it's approved. We'll work with this company to ensure the papers your lender needs are in order, and you'll probably}likely sign all these papers at their officeWe work with with the title company on your closing date. Because you won't have to worry with this coordination, you can think about moving, if you're going to repaint, carpet, and all the details of moving into a new house.
You've answered a few questions, provided lots of information, applied online, and Before you know it, you're moving! Chris Caggiano - Grand Oaks Funding, LLC is in the business of mortgage loans; you're not — so we do the work. Doesn't that sound nice?
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!