The Loan Process: an Overview

There's a lot involved when you get a mortgage. You wouldn't be visiting our site if it were possible to complete a simple loan app and receive a great loan check cut in one 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: determine how much you can borrow

This is a function of a couple things. What kind of monthly payment are you looking for? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? Use the calculators on our website to determine your monthly payment amount. 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 the process really begins and Atlantic Financial Services can really save you money. You will provide details about your employment, assets, and residence history. You'll supply your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we've finished reviewing this information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it can be a great tool when you make your offer! Your real estate agent should use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're picking out the home that's right for you, we are researching the best loan for you.

Step three: apply for your loan

After you've made the offer and the sellers have accepted, it's time to apply for the loan. It's very easy, 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'll order a professional appraisal on the home.

Step four: your loan is funded

Your real estate agent and the seller's will coordinate to decide on a title company to handle the funding of your loan once it has been approved. We'll coordinate with this company to make sure all 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 work with with the title company on your closing date. Because you don't have to worry about these details, you get to concentrate on the move, paint colors, new carpet, and the fun parts of getting a new home.

You've answered a few questions, given us detailed information, applied online, and Before you know it, you'll be moving in! Atlantic Financial Services is in the business of mortgage loans; you're not — so we take care of the details. Doesn't that sound nice?

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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