An Overview of the Mortgage Loan Process
There is no question that getting a mortgage is a complicated process. You would not be researching mortgage loans if you could get a loan in a single day by filling out a simple application. 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 primary steps involved in obtaining a loan.
Step one: determine how much you can borrow
A couple of factors determine this amount. 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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 start saving you money. You will give us information on your employment, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission. We'll review this information and will provide a pre-qualification letter. Handle it with care — it can be a great tool when you make your offer! Your real estate agent will likely use your pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're looking for your new house with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
Once you have made the offer and the sellers have accepted, it's time to complete the loan application. It couldn't be easier, and you can apply online, right here on our website. After the seller has accepted your offer 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 work together 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 all the papers your lender will require are avaiailable, and you will probably}likely sign all these papers at their officeWe work with with this company on your closing date. Since you won't have to worry about these details, you get to think about moving logistics, painting, carpet, and the details involved in getting a new home.
You've answered some few questions, provided lots of information, applied online, and Before you know it, you'll be moving! We take care of the 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. Northeast Bancorp of America, Inc. answers loan process questions every day.