The Mortgage Loan Process: an Overview
There's no question ; getting a mortgage loan is a complicated process. You wouldn't be here on our site if it were possible to fill out a simple loan app and receive the best loan funded in one 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 getting a loan.
Step one: determine how much you can borrow
This is a function of a couple things. 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. 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 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 your employment, asset, and residence history information. We get your permission to run your credit score and report. After we've finished reviewing your information, we'll give you a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're looking for a new house with your agent, we find the best program for you.
Once you have made an offer and it's been accepted, it's time to complete the loan application. Applying for a loan couldn't be much easier; you can apply right here on our site. At the end of this step, we will order an appraisal of your new home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll coordinate with this company to make sure the papers your lender will need are avaiailable, and you'll probably}likely sign all these papers at their officeWe do all the work to coordinate with this company to set your closing date. Because you won't need to worry about these details, you get to think about the move, painting, new carpet, and the fun parts of moving into your new house.
You've answered some few questions, given us lots of information, applied online, and Before you know it, you're moving in! We do the legwork so you can focus on finding your new home.
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.