The Mortgage Loan Process: an Overview
Shopping for a mortgage loan? We can assist you! Give us a call today at (617) 527-BLUE(2583). Ready to begin? Apply Here
There's little doubt ; getting a mortgage is a complicated process. You wouldn't be visiting our website if it were possible to complete a simple loan app and get the best loan funded the same day. But Blue Door Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in obtaining a loan.
Step one: Decide how much you can afford
A couple of factors determine this amount. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? You can get a good idea of your preferred payment amount using the calculators on our website. We'll also help you through different scenarios by asking a few simple questions. 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: pre-qualify for your loan
This is where Blue Door Mortgage can begin to save you money. You will provide info on your current job, assets, and residence history. You'll supply your employment, asset, and residence history information. We run your credit score and report. After we've finished reviewing the provided information, we'll provide you with a pre-qualification letter. Your agent should use the pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for your new home with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
Once you have signed an offer and the sellers have accepted, it's time to apply for the loan. It's very easy, and you can apply online, right here on our site. After the offer has been accepted and you have applied for your loan, we'll order a professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to decide on a title company to take care of the funding of your loan. We'll coordinate with this company to make sure the papers your lender will need are in order, and you'll probably}likely sign everything at their officeWe do all the work to work with with the title company to set your closing date. Because you will not have to worry about these details, you get to concentrate on the move, if you're going to repaint, carpet, and all the details of getting a new house.
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 loan details so you can spend your time finding your new home.
Have questions about the loan process? Call Blue Door Mortgage at (617) 527-BLUE(2583). Blue Door Mortgage answers loan process questions every day.