The Four Steps of the Loan Process:The Loan Process: Four Steps
There can be no question ; getting a mortgage is a complex process. You wouldn't be here on our site if it were possible to fill out a one-page loan app and get an excellent loan funded 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.
Getting a loan involves four major steps.
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? 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: complete a pre-qualification
This step is where Northeast Bancorp of America, Inc. will begin saving you money. You will give us details about your current job, assets, and your residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (with your permission. After we have reviewed this information we will give you a letter of pre-qualification. With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for the home that's right for you, we are researching the best loan program for you.
Once you have made the offer and the sellers accept it, you should apply for the loan. Applying for your loan couldn't get much easier; you can apply any time right here on our site. After the offer has been accepted and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will coordinate to find a title company to take care of the funding of your loan once it's approved. We'll coordinate with this company to make sure all the papers your lender requires are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe do all the work to work with with this company to set your closing date. Because you won't have to worry with this coordination, you can concentrate on the move, if you're going to repaint, carpet, and all the details of getting your new house.
You've answered a few questions, given us detailed information, applied , and before you know it, you are moving in! Northeast Bancorp of America, Inc. is a mortgage specialist; 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. We answer questions about the loan process every day.