The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
There's no question that 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 with a simple application. But Atlantic Financial Services does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in obtaining a mortgage loan.
Step one: determine how much you can borrow
This is a function of a couple things. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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 Atlantic Financial Services can begin saving you money. You will give us info about your employment, assets, and your residence history. You'll give us your employment, asset, and residence history information. We get your permission to run your credit score and report. We will go over all this info and provide a letter of pre-qualification. Your agent will use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for your new home with your REALTOR™, we find the best program for you.
Once you have signed the offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan could not be much easier; you can apply any time right here on our site. Finally, we will order an appraisal of your new home.
Step four: funding
The agents will find a title company to handle the "funding" and closing of the sale. We'll work with this company to ensure all the papers your lender needs are in order, and you'll probably}likely sign all these papers at this company's officeWe work with with this company on your date to close. Since you will not need to coordinate this process, you can think about moving logistics, if you're going to repaint, new carpet, and the fun parts of moving into a new house.
You've answered some few questions, provided lots of information, applied , and the next thing you know, you're moving in! We take care of all 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. It's our job to answer lending questions, so we're happy to help!