An Overview of the Loan Process

There's no doubt ; getting a mortgage loan is a complex process. You wouldn't be researching mortgage loans if you could get a loan in a single day with 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.

Getting a mortgage loan involves four major milestones.

Step one: Decide how much you can afford

This is a function of a couple things. 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. We'll also help you through different scenarios by asking a few simple questions. 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 provide details on your employment, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (with your permission. We will review all this info and provide a letter of pre-qualification. 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

After you've made the offer and the sellers accept it, you should apply for the loan. Applying for a loan could not be much easier; you can apply any time right here on our site. After the seller has accepted your offer and you have applied for your loan, we will 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 work with this company to ensure the papers your lender will need are in order, and you'll probably}likely sign all these papers at their officeWe do all the work to coordinate with this company to set your closing date. Because you won't need to coordinate this process, you get to concentrate on the move, painting, new carpet, and the fun parts of moving into your new home.

You've answered a few questions, given us detailed information, applied , and before you know it, you are deciding when to move in! We do the legwork so you can spend your time finding your new home.

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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