How the Mortgage Loan Process Works

There can be no question that 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 by filling out a simple application. But Ward Kilduff Mortgage 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

A couple of factors determine this amount. What kind of monthly payment are you looking for? 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. 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: complete a pre-qualification

This is where the process really begins and you save the most money. You will supply details about your current job, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We run your credit score and report. After we have reviewed all this info we will give you a pre-qualification letter. Handle it with care — it is a great tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. While you're picking out the home that's right for you, we are researching the best loan for you.

Step three: apply now! We make it easy

After you've made the offer and the sellers accept it, you should apply for the loan. Applying for your loan could not get much easier; you can apply online right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order a professional appraisal on the home.

Step four: funding

Your real estate agent and the seller's will coordinate to decide on a title company to take care of the funding of your loan. We'll coordinate with this company to make sure all the papers your lender will need are in order, and you'll probably}likely sign everything at their officeWe work with with this company on your closing date. Since you won't need to worry with this coordination, you get to think about moving, paint colors, carpet, and all the details of moving into 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 take care of the mortgage legwork so you can focus on finding your new home.

Have questions about the loan process? Call Ward Kilduff Mortgage at (860) 658-7100. It's our job to answer lending questions, so we're happy to help!

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