An Overview of the Mortgage Loan Process
No doubt, a lot involved when you get a mortgage loan. You wouldn't be researching mortgage loans if you could get a mortgage loan in one day with a simple application. 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 important steps involved in getting a loan.
Step one: Decide how much you can afford
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. 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: pre-qualify for your loan
This is where the rubber meets the road and you save the most money. You will give us information on your current job, your assets, and residence history. You'll supply your employment, asset, and residence history information. We pull your credit score and report. After we have reviewed this info we provide a letter of pre-qualification. Your agent will likely use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for your new home, we're busy researching the loan program that's right for your unique situation.
Step three: apply now! We make it easy
Once you have made the offer and the sellers have accepted, you should complete the loan application. Applying for a loan could not get much easier; you can apply right here on our site. Finally, we'll order an appraisal of your new home.
Step four: funding
The agents will find a title company to handle the "funding" of the loan and closing. We'll work with this company to ensure the papers your lender needs are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe do all the work to coordinate with this company on your closing date. Since you won't need to worry about these details, you can concentrate on moving, if you're going to repaint, new carpet, and all the details of moving into a new house.
You've answered a few questions, given us detailed information, applied , and Before you know it, you'll be moving! We take care of the mortgage legwork so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Northeast Bancorp of America, Inc. at (440) 234-9660. It's our job to answer lending questions, so we're happy to help!