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

There can be little doubt that getting a mortgage loan is a complex process. You wouldn't be looking up loan information if you could get a mortgage loan in one 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.

Getting a mortgage 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? 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 the rubber meets the road and you save the most money. You will supply info about your employment, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We will pull get your credit report and score (with your permission, of course). We'll review all this information and give you a pre-qualification letter. Be careful with this letter — it is a great tool when you make your offer! Your real estate agent should 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 shopping for your 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 signed the offer and the sellers accept it, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our website. After the offer has been accepted and you have applied for your loan, we will order the professional appraisal on the home.

Step four: your loan is funded

The agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll coordinate with this company to ensure the papers your lender requires are avaiailable, and you will probably}likely sign all these papers at their officeWe do all the work to coordinate with this company to set your date to close. Because you won't have to worry about these details, you can think about moving, if you're going to repaint, new carpet, and all the details of getting a new home.

You've answered a few questions, provided lots of information, applied online, and before you know it, you're moving in! Ward Kilduff Mortgage is a mortgage specialist; you're not — so we take care of the details. Makes sense, doesn't it??

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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