The Four Steps of the Loan Process:The Loan Process: Four Steps
There is no question ; getting a mortgage loan is a complex process. You would not be researching mortgage loans if you could 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 main steps involved in getting a mortgage loan.
Step one: Decide how much you can afford
A couple of factors determine this amount. 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. 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 process really begins and you save the most money. You will provide information on your employment, assets, and your residence history. You'll provide your employment, asset, and residence history information. We run your credit score and report. After we have gone over this information we provide a pre-qualification letter. With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're picking out your new home, we are looking for the best loan program for you.
After you've signed an offer and the sellers have accepted, you should apply for the loan. Applying for a loan could not be much easier; you can apply right here on our site. Finally, we'll order the appraisal of your new home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" and closing. We'll work with this company to ensure all the papers your lender needs are in order, and you'll probably}likely sign all these papers at this company's officeWe do all the work to coordinate with the title company on your closing date. Because you don't need to worry about these details, you can concentrate on moving, paint colors, carpet, and the fun parts of moving into a new house.
You've answered a few questions, given us lots of information, applied online, and Before you know it, you'll be moving! We do the 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. Chris Caggiano - Grand Oaks Funding, LLC answers loan process questions every day.