The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
No doubt, quite a lot to do when you get a mortgage loan. You wouldn't be visiting our website if you could complete a simple loan app and get an excellent loan check cut the same day. We do most of the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
Getting a home loan involves four major milestones.
Step one: determine how much you can borrow
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 begin to save you money. You will give us details on your employment, assets, and residence history. You'll provide information on your employment, asset, and residence history. We run your credit score and report. After we've finished reviewing your information, we'll provide you with a pre-qualificaiton letter. Your REALTOR® will 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 REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
After you've signed an offer and the sellers accept it, you should apply for the loan. It's very easy, and you can do it online, right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will coordinate to decide on an escrow/title company to take care of the funding of your loan. We'll coordinate with this company to make sure the papers your lender will need are avaiailable, and you will probably}likely sign everything at this company's officeWe do all the work to work with with the title company to set your date of closing. Since you won't need to coordinate this process, you can concentrate on moving logistics, paint colors, carpet, and all the details of getting your new home.
You've answered a few questions, provided detailed information, applied online, and the next thing you know, you are moving in! We take care of all the loan details so you can spend your time finding your new home.
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!