The Mortgage Loan Process: an Overview
There can be little question that getting a mortgage loan is a complicated process. You wouldn't be here on our site if you could complete a simple application and receive the best loan funded in one day. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
There are four primary steps involved in getting a mortgage loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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 step is where Northeast Bancorp of America, Inc. can start saving you money. You will provide information about your employment, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We pull your credit score and report. When we review this information we give you a pre-qualification letter. 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 your new home, we're busy finding the loan that's just right for your unique situation.
Step three: apply now! We make it easy
Once you have made an offer and the sellers have accepted, it's time to complete the loan application. Applying for a loan couldn't be much easier; you can apply online right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: funding
The agents will find a title company to handle the "funding" and closing of the sale. We'll coordinate with this company to ensure all the papers your lender will require are in order, and you will probably}likely sign everything at their officeWe coordinate with this company to set your date of closing. Because you won't have to worry about these details, you can think about moving logistics, paint colors, new carpet, and the fun parts of getting your new home.
You've answered a few questions, given us lots of information, applied online, and before you know it, you're moving in! Northeast Bancorp of America, Inc. is in the business of mortgage loans; you're not — so we take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Northeast Bancorp of America, Inc. at (440) 234-9660. Northeast Bancorp of America, Inc. answers loan process questions every day.