The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
There can be no question ; getting a mortgage is a complex process. You wouldn't be visiting our site if you could fill out a one-page loan application and get a great loan check cut the same day. But Northeast Bancorp of America, Inc. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in obtaining a 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? Use the calculators on our website to determine your monthly payment amount. We'll also help you through different scenarios by asking a few simple questions. Because lender guidelines are fairly standard, we can give you a good idea of how much you can borrow after a short conversation.
Step two: pre-qualify for your loan
This is where Northeast Bancorp of America, Inc. can start to save you money. You will provide details about your current job, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We get your permission to run your credit score and report. After we've reviewed this information, we'll provide you with a pre-qualificaiton letter. Be careful with this letter — it can be a useful tool for buying your new home! Your REALTOR® should use the pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're looking for your new house with your REALTOR™, we find the best program for you.
Once you have made the offer and it's been accepted, you should apply for the loan. Applying for your loan couldn't get much easier; you can apply right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will coordinate to designate a title company to take care of the funding of your loan once it has been approved. We'll coordinate with this company to make sure the papers your lender requires are avaiailable, and you will probably}likely sign everything at their officeWe do all the work to work with with this company on your closing date. Since you will not need to coordinate this process, you get to concentrate on moving, painting, new carpet, and all the details of moving into a new home.
You've answered some few questions, given us lots of information, applied , and Before you know it, you'll be moving in! We take care of the loan details 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!