How the Mortgage Loan Process Works
Make no mistake, there's a lot involved when you get a mortgage. You would not be researching mortgage loans if it were possible to get a mortgage loan in a single day with a simple application. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
There are four primary steps involved in getting a loan.
Step one: determine how much you can borrow
This is a function of a couple things. What kind of monthly payment are you looking for? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? You can get a good idea of your preferred payment abount using the calculators on our website. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 begin saving you money. You will provide info about 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 reviewed the provided information, we'll give you a pre-qualificaiton letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're looking for your new house with your agent, we find the best program for you.
Once you have signed the offer and the sellers accept it, you should apply for the loan. Applying for a loan could not be much easier; you can apply from the comfort of your home right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: your loan is funded
The 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 require are avaiailable, and you will probably}likely sign everything at this company's officeWe work with with this company to set your closing date. Because you will not need to worry with this coordination, you get to concentrate on moving, paint colors, carpet, and all the details of moving into a new home.
You've answered a few questions, given us lots of information, applied online, and Before you know it, you're moving in! We do the mortgage legwork 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. We answer questions about the loan process every day.