The Loan Process: an Overview

There's quite a lot involved in oder to get a mortgage. You wouldn't be researching mortgage loans if it were possible to 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 important 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? 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. 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 is where the rubber meets the road and you save the most money. You will give us information on your employment, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We get your permission to pull your credit score and report. After we have reviewed this info we will give you a letter of pre-qualification. Handle it with care — it can be a useful tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're looking for a new house with your REALTOR™, we find the best program for you.

Step three: apply now! We make it easy

After you've made an offer and the sellers accept it, you should apply for the loan. Applying for your loan could not be much easier; you can apply any time right here on our site. At the end of this step, we will order the appraisal of your new home.

Step four: funding

Your real estate agent and the seller's will work together to decide on an escrow/title company to take care of the funding of your loan once it's approved. We'll work with this company to ensure all the papers your lender requires are avaiailable, and you'll probably}likely sign all these papers at their officeWe work with with the title company on your closing date. Since you will not need to worry about these details, you get to think about moving logistics, painting, new carpet, and the fun parts of moving into your new home.

You've answered a few questions, provided detailed information, applied , and Before you know it, you're moving! We take care of all the loan details so you can spend your time finding your new home.

Have questions about the loan process? Call Atlantic Financial Services at (732) 969-9300. It's our job to answer lending questions, so we're happy to help!

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