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

Make no mistake, there's quite a lot involved when you get a mortgage loan. You wouldn't be here on our site if it were possible to complete a one-page loan app and receive an excellent loan check cut the same day. We do 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: Decide on your maximum loan amount

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. 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: complete a pre-qualification

This is where Ward Kilduff Mortgage will start saving you money. You will provide information about your employment, assets, and residence history. You'll provide information on your employment, asset, and residence history. We pull your credit score and report. After we've finished reviewing the provided information, we'll give you a pre-qualificaiton letter. Handle it with care — it is a great tool when you make your offer! Your REALTOR® will likely use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for a new house with your real estate 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 couldn't be easier, and you can do it online, right here on our website. After the seller has accepted your offer and you have submitted your loan application, we will order the professional appraisal on the home.

Step four: funding

Your real estate agent and the seller's will coordinate to designate an escrow/title company to handle the funding of your loan once it's approved. We'll work with this company to ensure all the papers your lender will require are in order, and you'll probably}likely sign everything at their officeWe do all the work to work with with this company on your closing date. Since you won't have to worry with this coordination, you can think about moving, paint colors, carpet, and all the details of getting your new home.

You've answered a few questions, provided detailed information, applied online, and Before you know it, you're moving! We take care of all the loan details so you can spend your time finding the new home that's right for you.

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

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