How the Loan Process Works
Make no mistake, there's a lot to do in oder to get a mortgage loan. You would not 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 primary steps involved in getting 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 Atlantic Financial Services will begin to save you money. You will provide details about your employment, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission. After we've reviewed your information, we'll provide you with a pre-qualificaiton letter. Be careful with this letter — it can be a great tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. While you're looking for a new home with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
Once you have made an offer and it's been accepted, you should complete the loan application. It's very easy, and you can apply online, 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 agents will find a title company to handle the "funding" and closing. We'll coordinate with this company to ensure all the papers your lender will require are avaiailable, and you'll probably}likely sign everything at their officeWe work with with the title company to set your date of closing. Because you will not need to worry with this coordination, you can think about the move, paint colors, carpet, and all the details of getting your new house.
You've answered some few questions, provided lots of information, applied online, and Before you know it, you're moving! We take care of the loan details so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Atlantic Financial Services at (732) 969-9300. Atlantic Financial Services answers loan process questions every day.