The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps

There can be no question ; getting a mortgage loan is a complicated process. You would not be looking up loan information if it were possible to get a mortgage loan in a single day by filling out 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 loan.

Step one: determine how much you can borrow

This is a function of a couple things. How much of a monthly payment can you afford? 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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 process really begins and Chris Caggiano - Grand Oaks Funding, LLC can really save you money. You will supply info on your current job, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We get your permission to run your credit score and report. We'll review all this information and provide a letter of pre-qualification. 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.

Step three: apply now! We make it easy

Once you have made the offer and it's been 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 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 find a title company to take care of the funding of your loan. We'll work with this company to ensure the papers your lender needs are avaiailable, and you will probably}likely sign all these papers at this company's officeWe do all the work to coordinate with the title company on your date of closing. Because you won't need to worry about these details, you get to concentrate on moving, painting, new carpet, and the details involved in getting your new home.

You've answered a few questions, given us lots of information, applied , and Before you know it, you're moving in! We do the mortgage legwork so you can spend your time 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!

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