The Loan Process: an Overview

There is no question ; getting a mortgage loan is a complex process. You wouldn't be looking up loan information if it were possible to get a mortgage loan in a single day with a simple application. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.

There are four primary steps involved in obtaining a mortgage loan.

Step one: Decide how much you can afford

A couple of factors determine this amount. 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? 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. 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 information about your employment, your assets, and residence history. You'll supply information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). After we've reviewed this information, we'll provide you with a pre-qualificaiton letter. Be careful with this letter — it can be a useful tool for buying your new home! 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 picking out 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 an offer and the sellers have accepted, 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'll order an appraisal of your new home.

Step four: your loan is funded

The real estate agents will find an escrow/title company to handle the "funding" and closing. We'll work with this company to ensure all the papers your lender requires are avaiailable, and you will probably}likely sign everything at this company's officeWe coordinate with the title company on your date of closing. Because you don't need to coordinate this process, you can think about moving logistics, painting, new carpet, and all the details of getting a new home.

You've answered a few questions, given us detailed information, applied , and before you know it, you're moving in! We take care of the loan details so you can spend your time 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.

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