The Mortgage Loan Process: an Overview
Make no mistake, there's a lot to do in oder to get a mortgage loan. You wouldn't be here on our site if you could complete a one-page application and get a great loan funded the same day. But Northeast Bancorp of America, Inc. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major milestones.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. 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. 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: 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 provide details on your employment, your assets, and 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. After we've reviewed this information, we'll provide you with a pre-qualificaiton letter. Your real estate agent will likely use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for your new home with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
Once you have made an offer and the sellers accept it, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our site. At the end of this step, we'll order the appraisal of your new home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" and closing of the sale. We'll coordinate with this company to make sure all the papers your lender requires are avaiailable, and you'll probably}likely sign everything at their officeWe do all the work to coordinate with this company to set your date of closing. Since you will not have to worry about these details, you can think about the move, painting, carpet, and all the details of getting your new house.
You've answered some few questions, provided detailed information, applied , and Before you know it, you're moving! Northeast Bancorp of America, Inc. is a mortgage specialist; you're not — so we do the work. 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.