About the Loan Process
There is no question that getting a mortgage loan is a complicated process. You would not be researching mortgage loans if you could get a mortgage loan in a single day with a simple application. But Northeast Bancorp of America, Inc. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major steps.
Step one: Decide how much you can afford
This is a function of a couple things. 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? 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 step is where Northeast Bancorp of America, Inc. will start saving you money. You will provide information about your current job, assets, and your residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission. We will go over all this information and will provide a letter of pre-qualification. Be careful with this letter — it can be a great tool when you make your offer! Your REALTOR® will likely use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for a new house with your real estate agent, we find the best program for you.
Once you have made the offer and it's been accepted, you should complete the loan application. It's very easy, and you can do it online, right here on our site. After the offer has been accepted and you have applied for your loan, we will order the professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will coordinate to designate a title company to handle 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 all these papers at their officeWe work with with the title company on your date of closing. Since you don't need to coordinate this process, you can concentrate on moving, painting, new carpet, and the fun parts of getting a new house.
You've answered some few questions, provided detailed information, applied online, and Before you know it, you'll be moving! We take care of the mortgage 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.