How the Loan Process Works
No doubt, a lot involved when you get a mortgage loan. You wouldn't be visiting our website if you could complete a one-page loan application and receive the best loan check cut in one 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.
There are four main steps involved in getting a mortgage 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? 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. 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: complete a pre-qualification
This is where Northeast Bancorp of America, Inc. will begin saving you money. You will give us info about your employment, assets, and residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (with your permission. When we review all this information we will give you a letter of pre-qualification. Handle it with care — it is a useful tool when you make your offer! Your agent will likely use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're picking out the home that's right for you, we are finding the loan that best fits your needs.
Once you've made the offer and it's been accepted, you should complete the loan application. Applying for your loan couldn't be much easier; you can apply right here on our site. Finally, we will order an appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to decide on a title company to take care of the funding of your loan. We'll coordinate with this company to ensure the papers your lender requires are in order, and you will probably}likely sign everything at their officeWe do all the work to coordinate with the title company on your closing date. Since you will not need to worry with this coordination, you get to concentrate on moving logistics, paint colors, new carpet, and the details involved in getting your new home.
You've answered a few questions, given us detailed information, applied , and Before you know it, you'll be moving! Northeast Bancorp of America, Inc. is in the business of mortgage loans; you're not — so we take care of the details. Makes sense, doesn't it??
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!