About the Mortgage Loan Process
Shopping for a mortgage loan? We will be glad to assist you! Call us at 631-273-1188. Ready to get started? Apply Here
No doubt, a lot involved in order to get a mortgage loan. You wouldn't be visiting our website if you could complete a one-page loan app and get the best 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: Decide on your maximum loan amount
This is a function of a couple things. What kind of monthly payment are you looking for? 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. 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 rubber meets the road and you save the most money. You will give us information about your current job, assets, and your residence history. You'll provide your employment, asset, and residence history information. We will pull get your credit report and score (with your permission, of course). We will go over all this info then provide a pre-qualification letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're looking 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 signed an offer and the sellers accept it, it's time to apply for the loan. It's very easy, and you can do it online, right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order a professional appraisal on the home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the "funding" and closing. We'll coordinate with this company to ensure the papers your lender will require are in order, and you'll probably}likely sign everything at their officeWe coordinate with this company to set your date of closing. Because you will not have to worry with this coordination, you can concentrate on moving, paint colors, carpet, and all the details of getting your new home.
You've answered some few questions, provided detailed information, applied , and Before you know it, you'll be moving in! We take care of all the loan details so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call Evolution Mortgage Inc. at 631-273-1188. We answer questions about the loan process every day.