How the Mortgage Loan Process Works
No doubt, quite a lot to do when you get a mortgage loan. You wouldn't be visiting our website if it were possible to fill out a one-page loan app and get a great loan funded in one day. But Ward Kilduff Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in getting a mortgage loan.
Step one: Decide on your maximum loan amount
This is a function of a couple things. 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? Use the calculators on our website to determine your monthly payment amount. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.
Step two: pre-qualify for your loan
This is where the process really begins and you save the most money. You will provide info about your employment, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (with your permission. After we have reviewed this info we provide a pre-qualification letter. Handle it with care — it can be a useful tool for buying your new home! Your REALTOR® will use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for the home that's right for you, we are looking for the best loan for you.
Step three: apply now! We make it easy
After you've signed an offer and the sellers accept it, you should apply for the loan. It couldn't be easier, and you can do it online, right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order the professional appraisal on the 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 has been approved. We'll work with this company to make sure all the papers your lender requires are avaiailable, and you will 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. Because you won't have to worry about these details, you can concentrate on the move, if you're going to repaint, new carpet, and all the details of moving into a new house.
You've answered a few questions, provided lots of information, applied online, and Before you know it, you're moving! We take care of the loan details so you can focus on 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.