The Loan Process: an Overview

There is little doubt ; getting a mortgage is a complex process. You wouldn't be here on our website if you could complete a one-page loan app and receive an excellent loan check cut the same day. We do 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 primary steps involved in obtaining a mortgage loan.

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. 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 is where the rubber meets the road and Budica Financial Corporation can really save you money. You will give us details on your current job, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We pull your credit score and report. When we review all this info we will provide a pre-qualification letter. Your agent will likely use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for your new home, we're busy researching the loan program that's just right for you.

Step three: apply for your loan

Once you have made an offer and it's been accepted, you should 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 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" of the loan and closing. We'll coordinate with this company to make sure all the papers your lender will require are in order, and you will probably}likely sign all these papers at their officeWe do all the work to coordinate with the title company to set your closing date. Since you will not need to coordinate this process, you can concentrate on the move, if you're going to repaint, new carpet, and all the details of getting your new home.

You've answered some few questions, given us lots of information, applied , and Before you know it, you're moving! We do the mortgage legwork so you can focus on finding the new home that's right for you.