The Loan Process: an Overview
No doubt, quite a lot involved in oder to get a mortgage loan. You wouldn't be researching mortgage loans if you could get a mortgage loan in one day with 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.
There are four main steps involved in obtaining a mortgage loan.
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? 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. 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 step is where Atlantic Financial Services will begin saving you money. You will provide info about your current job, assets, and residence history. You'll provide information on your employment, asset, and residence history. We run your credit score and report. We will go over this information and will provide a pre-qualification letter. Your agent should use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping 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 accept it, it's time to apply for the loan. It couldn't be easier, and you can apply online, right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll work with this company to ensure all the papers your lender will require are in order, and you will probably}likely sign all these papers at this company's officeWe work with with this company on your closing date. Since you won't need to worry about these details, you get to think about moving logistics, if you're going to repaint, new carpet, and all the details of getting a new home.
You've answered a few questions, provided detailed information, applied , and the next thing you know, you're moving in! We take care of the mortgage legwork so you can focus on finding your new home.
Have questions about the loan process? Call Atlantic Financial Services at (732) 969-9300. We answer questions about the loan process every day.