The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
Make no mistake, there's quite a lot to do when you get a mortgage loan. You wouldn't be looking up loan information if it were possible to get a mortgage loan in one day with a simple application. But Northeast Bancorp of America, Inc does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major milestones.
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 is where the process really begins and you save the most money. You will give us info about your employment, your assets, and residence history. You'll provide information on your employment, asset, and residence history. We run your credit score and report. We'll go over this information and give you a pre-qualification letter. 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 deciding on the home that's right for you, we're busy researching the loan that's just right for you.
After you've signed the offer and the sellers accept it, you should apply for the loan. Applying for your loan could not be much easier; you can apply right here on our site. After the offer has been accepted and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will work together to find a title company to take care of the funding of your loan once it has been approved. We'll coordinate with this company to ensure all the papers your lender needs are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe do all the work to work with with the title company on your closing date. Because you don't need to coordinate this process, you can concentrate on moving, painting, carpet, and the fun parts of moving into a new house.
You've answered a few questions, given us lots of information, applied online, and the next thing you know, you are moving in! We take care of the loan details so you can spend your time finding your new home.
Have questions about the loan process? Call Northeast Bancorp of America, Inc at 4402349660. Northeast Bancorp of America, Inc answers loan process questions every day.