The Four Steps of the Loan Process:The Loan Process: Four Steps

There can be no doubt that getting a mortgage is a complicated process. You wouldn't be here on our site if it were possible to complete a one-page application and get the best loan funded the same day. 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 steps.

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? 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. 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 give us details on your current job, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission. After we've finished reviewing your information, we'll give you a pre-qualificaiton letter. Your REALTOR® will likely use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're looking for a new home with your agent, we find the best program for you.

Step three: apply now! We make it easy

Once you have made an offer and the sellers have accepted, you should complete the loan application. It couldn't be easier, and you can do it online, right here on our website. After the offer has been accepted and you have applied for your loan, we will order a professional appraisal on the home.

Step four: your loan is funded

Your REALTOR® and the seller's will coordinate to designate a title company to handle the funding of your loan. 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 their officeWe work with with the title company on your date of closing. Because you won't need to worry about these details, you can think about moving, painting, carpet, and the details involved in moving into a new home.

You've answered a few questions, given us detailed information, applied online, and Before you know it, you'll be moving! We do the mortgage legwork so you can focus on finding your new home.

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!

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