An Overview of the Mortgage Loan Process
No doubt, a lot involved when you get a mortgage. You would not be researching mortgage loans if you could get a loan in one day with a simple application. But Ward Kilduff Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a loan involves four major steps.
Step one: determine how much you can borrow
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? 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: pre-qualify for your loan
This is where the process really begins and Ward Kilduff Mortgage can really save you money. You will give us info 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. After we've finished reviewing your information, we'll provide you with a pre-qualificaiton letter. Handle it with care — it is a useful tool when you make your offer! Your real estate agent will likely use the 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 now! We make it easy
Once you've made an offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can do it online, right here on our website. When the time is right, we will order the 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" of the loan and closing of the sale. We'll coordinate with this company to make sure the papers your lender will require are in order, and you'll probably}likely sign all these papers at this company's officeWe coordinate with this company to set your closing date. Since you won't need to worry with this coordination, you can think about the move, painting, new carpet, and the fun parts of getting a new house.
You've answered a few questions, given us lots of information, applied online, and Before you know it, you're moving in! Ward Kilduff Mortgage is a mortgage specialist; you're not — so take care of the details. Doesn't that make sense?
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!