An Overview of the Loan Process

No doubt, a lot to do when you get a mortgage loan. You would not be looking up loan information if you could get a loan in one day with a simple application. We do most of 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 loan.

Step one: Decide on your maximum loan amount

This is a function of a couple things. 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? Use the calculators on our website to determine your monthly payment amount. We'll also help you through different scenarios by asking a few simple questions. 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 Ward Kilduff Mortgage can begin saving you money. You will supply information about your current job, your assets, and residence history. You'll provide information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission. We will review all this information then will give you a letter of pre-qualification. Be careful with this letter — it can be a useful tool for buying your new home! Your REALTOR® will use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're looking for a new house with your agent, we find the best program for you.

Step three: apply now! We make it easy

After you've made the offer and the sellers have accepted, you should apply for the loan. Applying for your loan could not get much easier; you can apply right here on our site. When the time is right, we will order the appraisal of your new home.

Step four: funding

Your REALTOR® and the seller's will work together to designate a title company to handle the funding of your loan. We'll coordinate with this company to make sure all the papers your lender needs are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe do all the work to coordinate with this company to set your closing date. Since you won't need to worry with this coordination, you can concentrate on moving, paint colors, carpet, and all the details of getting your new house.

You've answered some few questions, given us lots of information, applied , and Before you know it, you'll be 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. It's our job to answer lending questions, so we're happy to help!

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