The Mortgage Loan Process: an Overview

Make no mistake, there's a lot to do in oder to get a mortgage loan. You wouldn't be visiting our website if you could fill out a one-page mortgage application and get the best loan funded the same day. We do most of the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.

Getting a mortgage loan involves four major steps.

Step one: Decide on your maximum loan amount

This is a function of a couple things. 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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 begin to save you money. You will provide information on your employment, assets, and your residence history. You'll provide your employment, asset, and residence history information. We will pull get your credit report and score (with your permission, of course). After we've finished reviewing this information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it is a useful tool for buying your new home! Your agent should 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 home with your REALTOR™, we find the best program for you.

Step three: apply for your loan

Once you have made an offer and the sellers have accepted, it's time to complete the loan application. It couldn't be easier, and you can apply online, right here on our site. At the end of this step, we'll order an appraisal of your new home.

Step four: funding

Your real estate agent and the seller's will work together to decide on a title company to take care of the funding of your loan. We'll coordinate with this company to ensure the papers your lender needs are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe work with with this company on your date of closing. Since you will not have to coordinate this process, you get to think about moving, if you're going to repaint, new carpet, and the fun parts of moving into your new home.

You've answered a few questions, given us lots of information, applied online, and Before you know it, you'll be moving! We do the mortgage legwork 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. Ward Kilduff Mortgage answers loan process questions every day.

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