How the Mortgage Loan Process Works

There is little doubt ; getting a mortgage is a complicated process. You wouldn't be looking up loan information if it were possible to get a loan in one day by filling out a simple application. We do most of 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 obtaining a 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? Use the calculators on our website to determine your monthly payment amount. We'll also help you through different scenarios by asking a few simple questions. 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: pre-qualify for your loan

This step is where Atlantic Financial Services can begin saving you money. You will supply information on your current job, your assets, and 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 this information, we'll provide a pre-qualificaiton letter. Be careful with this letter — 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. While you're picking out the home that's right for you, we are researching the loan that best fits your needs.

Step three: apply for your loan

Once you have signed an offer and the sellers accept it, it's time to apply for the loan. It's very easy, 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'll order the professional appraisal on the home.

Step four: your loan is funded

The agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll coordinate 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 coordinate with the title company on your date to close. Because you won't need to worry about these details, you can concentrate on moving logistics, painting, new carpet, and the fun parts of getting a new home.

You've answered a few questions, given us detailed information, applied , and Before you know it, you're moving! We do the mortgage legwork so you can focus on finding the new home that's right for you.

Have questions about the loan process? Call Atlantic Financial Services at (732) 969-9300. We answer questions about the loan process every day.

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