The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
Make no mistake, there's quite a lot involved in oder to get a mortgage loan. You wouldn't be here on our website if you could fill out a simple loan app and get the best loan check cut in one day. 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 mortgage loan involves four major steps.
Step one: Decide how much you can afford
A couple of factors determine this amount. 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. 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: complete a pre-qualification
This is where Ward Kilduff Mortgage will start saving you money. You will give us details about your employment, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission. When we review all this info we will provide a pre-qualification letter. Handle it with care — it is a great tool for buying your new home! Your REALTOR® should use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're looking for your new house with your agent, we find the best program for you.
Step three: apply now! We make it easy
Once you've made the offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our site. After the offer has been accepted and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will coordinate to decide on a title company to take care of the funding of your loan. We'll work with this company to make sure all the papers your lender will require are in order, and you'll probably}likely sign everything at this company's officeWe do all the work to work with with the title company on your date of closing. Because you don't need to coordinate this process, you can think about moving logistics, if you're going to repaint, carpet, and the details involved in moving into a new home.
You've answered some few questions, provided detailed information, applied online, and Before you know it, you'll be moving! We do the legwork 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. It's our job to answer lending questions, so we're happy to help!