The Mortgage Loan Process: an Overview

There's little question ; getting a mortgage is a complex process. You wouldn't be here on our website if it were possible to fill out a simple loan app and get an excellent loan funded in one day. But Ward Kilduff Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

Getting a loan involves four major milestones.

Step one: determine how much you can borrow

A couple of factors determine this amount. 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. 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 Ward Kilduff Mortgage can really save you money. You will supply info about your current job, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission, of course). After we've reviewed this information, we'll provide a pre-qualificaiton letter. Handle it with care — it is a great tool when you make your offer! 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 your new home, we're busy researching the loan that's right for you.

Step three: apply for your loan

After you've signed the offer and the sellers have accepted, you should apply for the loan. Applying for a loan could not get much easier; you can apply right here on our site. When the time is right, we'll order an appraisal of your new home.

Step four: funding

Your REALTOR® and the seller's will coordinate to decide on an escrow/title company to take care of the funding of your loan. We'll coordinate with this company to ensure the papers your lender will require are avaiailable, and you will probably}likely sign all these papers at their officeWe work with with this company on your closing date. Since you will not have to worry about these details, you get to think about the move, if you're going to repaint, new carpet, and the fun parts of getting a new home.

You've answered a few questions, provided detailed information, applied , and Before you know it, you'll be moving in! Ward Kilduff Mortgage is a mortgage specialist; you're not — so we do the work. Doesn't that sound nice?

Have questions about the loan process? Call Ward Kilduff Mortgage at (860) 658-7100. Ward Kilduff Mortgage answers loan process questions every day.

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