The Four Steps of the Loan Process:The Loan Process: Four Steps
No doubt, quite a lot to do when you get a mortgage. You would not be looking up loan information if it were possible to get a loan in a single day by filling out 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.
Getting a home loan involves four major milestones.
Step one: Decide on your maximum loan amount
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. 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: complete a pre-qualification
This is where the process really begins and you save the most money. You will supply details on your employment, assets, and residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (with your permission, of course). We will go over all this information then give you a letter of pre-qualification. With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for the home that's right for you, we are looking for the best loan program for you.
Step three: apply now! We make it easy
Once you have made the offer and it's been accepted, it's time to complete the loan application. Applying for a loan couldn't be much easier; you can apply from the comfort of your home right here on our site. Finally, we'll order an appraisal of your new home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" and closing. We'll work with this company to ensure all the papers your lender needs are in order, and you will probably}likely sign everything at this company's officeWe do all the work to work with with this company to set your date of closing. Since you will not need to worry with this coordination, you can concentrate on the move, paint colors, new carpet, and the details involved in moving into a new home.
You've answered some few questions, provided lots of information, applied , and Before you know it, you're moving in! 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.