The Loan Process: an Overview
There's little question that getting a mortgage is a complex process. You wouldn't be here on our website if it were possible to complete a one-page loan app and receive a great loan check cut 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 obtaining a mortgage loan.
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? You can get a good idea of your preferred payment abount using the calculators on our website. 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 is where the rubber meets the road and Northeast Bancorp of America, Inc. can really save you money. You will supply information about your current job, your assets, and residence history. You'll supply your employment, asset, and residence history information. We run your credit score and report. We will review all this info then provide a letter of pre-qualification. Handle it with care — it is a great tool for buying your new home! Your agent should use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're looking for a new home with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
Once you've made the offer and it's been accepted, it's time to apply for the loan. It couldn't be easier, 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 a professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" and closing. We'll coordinate with this company to ensure all the papers your lender will require are in order, and you will probably}likely sign all these papers at this company's officeWe coordinate with the title company to set your date of closing. Because you won't need to coordinate this process, you can concentrate on moving, painting, new carpet, and all the details of getting your new home.
You've answered some few questions, provided detailed information, applied online, and the next thing you know, you're moving in! Northeast Bancorp of America, Inc. is in the business of mortgage loans; you're not — so 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. We answer questions about the loan process every day.