How the Mortgage Loan Process Works

There's little question ; getting a mortgage is a complex process. You wouldn't be researching mortgage loans if it were possible to get a 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 primary steps involved in getting a mortgage loan.

Step one: determine how much you can borrow

This is a function of a couple things. 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: pre-qualify for your loan

This is where the process really begins and you save the most money. You will give us information about your employment, assets, and residence history. You'll give us information on your employment, asset, and residence history. We get your permission to run your credit score and report. After we've finished reviewing this information, we'll give you a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for your new home, we are looking for the best loan for you.

Step three: apply now! We make it easy

Once you have made an offer and the sellers accept it, it's time to apply for the loan. Applying for your loan couldn't get much easier; you can apply from the comfort of your home right here on our site. When the time is right, we will order an appraisal of your new home.

Step four: funding

Your REALTOR® and the seller's will work together to decide on an escrow/title company to take care of the funding of your loan once it's approved. We'll work with this company to make sure the papers your lender needs are avaiailable, and you'll probably}likely sign everything at this company's officeWe do all the work to work with with the title company to set your date to close. Since you won't need to worry with this coordination, you can think about moving logistics, painting, carpet, and the details involved in moving into a new house.

You've answered some few questions, provided detailed information, applied online, and the next thing you know, you are deciding when to move in! Ward Kilduff Mortgage is in the business of loans; you're not — so take care of the details. Makes sense, doesn't it??

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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