An Overview of the Loan Process

There is no question ; getting a mortgage loan is a complex process. You wouldn't be researching mortgage loans if it were possible to get a loan in a single 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.

Getting a mortgage loan involves four major milestones.

Step one: Decide how much you can afford

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. 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 the process really begins and you save the most money. You will provide information about your current job, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We run your credit score and report. We'll go over all this information then will provide a letter of pre-qualification. Your real estate agent will use your pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're looking for your new home with your REALTOR™, we find the best program for you.

Step three: apply for your loan

Once you have made an offer and it's been accepted, it's time to complete the loan application. Applying for a loan couldn't get much easier; you can apply right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order a professional appraisal on the home.

Step four: funding

The real estate agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to make sure all the papers your lender will require are in order, and you will probably}likely sign everything at their officeWe work with with the title company to set your date to close. Because you don't have to worry about these details, you get to think about the move, paint colors, new carpet, and the details involved in getting a new house.

You've answered some few questions, given us detailed information, applied , and before you know it, you're moving in! We take care of the 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. We answer questions about the loan process every day.

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