About the Mortgage Loan Process
There's a lot to do when you get a mortgage loan. You would not be researching mortgage loans if it were possible to get a loan in one 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 steps.
Step one: determine how much you can borrow
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. 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 start saving you money. You will supply details on your employment, assets, and residence history. You'll give us information on your employment, asset, and residence history. We get your permission to pull your credit score and report. After we've finished reviewing this information, we'll provide you with a pre-qualificaiton letter. Be careful with this letter — it can be a useful tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're looking for a new house with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
Once you have made the offer and the sellers accept it, it's time to apply for the loan. It couldn't be easier, and you can apply online, right here on our website. At the end of this step, we will order an appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will work together to designate a title company to handle the funding of your loan. We'll coordinate with this company to make sure the papers your lender requires are avaiailable, and you'll probably}likely sign everything at their officeWe coordinate with this company on your date to close. Since you don't have to worry about these details, you get to concentrate on the move, paint colors, carpet, and the fun parts of moving into a new home.
You've answered a few questions, given us detailed information, applied online, and Before you know it, you're moving in! Atlantic Financial Services is a mortgage specialist; you're not — so we take care of the details. Makes sense, doesn't it??
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!