The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
There's a lot involved in oder to get a mortgage loan. You wouldn't be visiting our website if you could fill out a one-page loan app and get a great loan funded the same day. But Ward Kilduff Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four primary steps involved in getting a mortgage loan.
Step one: determine how much you can borrow
This is a function of a couple things. What kind of monthly payment are you looking for? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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: pre-qualify for your loan
This is where the rubber meets the road and you save the most money. You will give us details about your employment, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (with your permission. We will go over this information and will give you a pre-qualification letter. Handle it with care — it can be a useful tool when you make your offer! Your real estate agent will likely use your pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're deciding on your new home, we are looking for the loan that best fits your needs.
Step three: apply now! We make it easy
After you've made the offer and the sellers have accepted, you should apply for the loan. Applying for a loan couldn't get much easier; you can apply online 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" of the loan and closing of the sale. We'll coordinate with this company to make sure the papers your lender needs are in order, and you will probably}likely sign all these papers at this company's officeWe work with with the title company on your closing date. Since you don't need to worry with this coordination, you get to concentrate on moving logistics, painting, new carpet, and the details involved in getting a new home.
You've answered some few questions, given us detailed information, applied online, and Before you know it, you'll be 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. Ward Kilduff Mortgage answers loan process questions every day.