How the Loan Process Works
There is no doubt that getting a mortgage is a complex process. You wouldn't be here on our website if it were possible to complete a one-page loan app and receive an excellent 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 important steps involved in getting a mortgage loan.
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? Use the calculators on our website to determine your monthly payment amount. 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: complete a pre-qualification
This step is where Northeast Bancorp of America, Inc. can start to save you money. You will supply details about your employment, assets, and your residence history. You'll supply your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission, of course). After we've reviewed the provided information, we'll provide a pre-qualificaiton letter. Handle it with care — it is a useful tool for buying your new home! Your agent should use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're picking out the home that's right for you, we're busy finding the loan program that's right for you.
Once you've made an offer and it's been accepted, it's time to complete the loan application. It's very easy, and you can do it online, right here on our site. When the time is right, we'll order the appraisal of your new home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" and closing. We'll coordinate with this company to make sure all the papers your lender will require are avaiailable, and you'll probably}likely sign everything at this company's officeWe do all the work to coordinate with this company on your date of closing. Because you don't need to worry about these details, you get to think about the move, paint colors, carpet, and all the details of getting your new home.
You've answered a few questions, provided detailed information, applied , and Before you know it, you're moving in! 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. Northeast Bancorp of America, Inc. answers loan process questions every day.