An Overview of the Mortgage Loan Process
Make no mistake, there's quite a lot to do when you get a mortgage loan. You wouldn't be looking up loan information if you could get a mortgage loan in one day by filling out 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 getting a mortgage loan.
Step one: Decide how much you can afford
A couple of factors determine this amount. 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? You can get a good idea of your preferred payment abount using the calculators on our website. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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: complete a pre-qualification
This is where the process really begins and you save the most money. You will supply details about your current job, assets, and your residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission. After we've reviewed the provided information, we'll provide you with a pre-qualificaiton letter. 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 your new house with your real estate agent, we find the best program for you.
After you've signed an offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan couldn't be much easier; you can apply right here on our site. At the end of this step, we'll order the appraisal of your new home.
Step four: funding
The agents will find a title company to handle the "funding" of the loan and closing. We'll coordinate with this company to make sure all the papers your lender will need are in order, and you will probably}likely sign all these papers at this company's officeWe do all the work to work with with the title company on your closing date. Because you will not have to worry about these details, you get to concentrate on moving logistics, painting, carpet, and the fun parts of getting your new house.
You've answered a few questions, given us lots of information, applied online, and Before you know it, you're moving in! Atlantic Financial Services is in the business of loans; you're not — so we do the work. Makes sense, doesn't it??
Have questions about the loan process? Call Atlantic Financial Services at (732) 969-9300. We answer questions about the loan process every day.