An overview of the loan process - Leader Bank Burlington, MA 01803

An overview of the loan process

Make no mistake, there's a lot involved in getting a mortgage loan. You wouldn't be here on our website if you could fill out a one-page application and get the best loan for you funded the same day. What we do is do most of the heavy lifting for you, so you can concentrate on what's important -- preparing to move into your new home, saving money, or making plans for your home equity check.

There are four main steps involved in getting a loan. You'll see that I have made your part in them as easy as possible, and we do all the work! That's what we're here for.

Step one: determine how much you can borrow

This is a function of a few factors. How much of a monthly payment can you afford? Given your unique credit and employment history, income, debt, and goals, how much can we loan you? The first part you can get a rough idea of by 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 the rubber meets the road. You supply information about your employment, your assets, your residence history, and so on. We get your permission to run your credit score. When we review all this information we give you a Pre-Approval Letter. Handle it with care -- to a home seller, it's like a suitcase full of cash! Your realtor will use your Pre-Approval (as they may call it) to make the best offer on the home you choose, and the seller knows you're pre-qualified. It gives you buying credibility! Wwhile you're picking out the home that's right for you, we're busy finding the loan that's right for you.

Step three: apply now! We make it easy

Once you've made an offer and it's been accepted, it's time to complete the loan application. It couldn't be easier, and you can do it online, right here at my website. When the time is right, we'll order an appraisal of your new home.

Step four: your loan is funded

I will coordinate the title and closing attorney once the mortgage is approved. At that time, you and our attorney will work out the best time and place to close the transaction. Often times, purchase transactions and refinances can be completed in one of our conference rooms at Reliant, but it's not uncommon for closings to occur at one of the realtors offices or even at your home.

In Summation, you've answered a few questions, given us some detailed information, applied online, and next thing you know, you're moving in! We're in the business of mortgage loans, you're not -- so we do most of the work. Doesn't that make sense?