The Loan Process: an Overview

There is no doubt that getting a mortgage loan is a complex process. You wouldn't be here on our website if it were possible to complete a simple loan app and receive a great loan check cut 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 milestones.

Step one: determine how much you can borrow

A couple of factors determine this amount. How much of a monthly payment can you afford? 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. 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: pre-qualify for your loan

This is where the process really begins and Atlantic Financial Services can really save you money. You will give us details about your current job, your assets, and residence history. You'll provide your employment, asset, and residence history information. We will pull get your credit report and score (with your permission. When we review this info we will provide a pre-qualification letter. Be careful with this letter — it is a useful tool for buying your new home! 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 deciding on the home that's right for you, we're busy finding the loan that's right for your unique situation.

Step three: apply now! We make it easy

After you've made an offer and the sellers accept it, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our website. At the end of this step, we will order the appraisal of your new home.

Step four: your loan is funded

Your REALTOR® and the seller's will coordinate to decide on a title company to take care of the funding of your loan. We'll work with this company to ensure all the papers your lender will need are in order, and you will probably}likely sign everything at their officeWe coordinate with the title company on your date of closing. Because you won't need to worry with this coordination, you can concentrate on the move, painting, new carpet, and the details involved in getting a new home.

You've answered some few questions, given us detailed information, applied online, and the next thing you know, you're moving in! Atlantic Financial Services is in the business of mortgage loans; 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. Atlantic Financial Services answers loan process questions every day.

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