An Overview of the Loan Process

There's quite a lot involved when you get a mortgage. You wouldn't be looking up loan information if you could get a mortgage loan in one day with a simple application. 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 getting a mortgage loan.

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? You can get a good idea of your preferred payment abount using the calculators on our website. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 you save the most money. You will give us info on your employment, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We run your credit score and report. We will go over this info and will provide a letter of pre-qualification. Your agent will likely use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're deciding on your new home, we are looking for the best loan program for you.

Step three: apply now! We make it easy

After you've signed the offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order the professional appraisal on the home.

Step four: funding

Your REALTOR® and the seller's will coordinate 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 make sure the papers your lender will require are in order, and you will probably}likely sign all these papers at this company's officeWe do all the work to work with with the title company on your date to close. Since you don't have to worry with this coordination, you get to concentrate on the move, painting, new carpet, and the details involved in getting a new home.

You've answered some few questions, given us detailed information, applied , and Before you know it, you'll be moving in! We do the mortgage legwork so you can focus on finding your new home.

Have questions about the loan process? Call Baywide Funding Corporation at 650 428 0234. It's our job to answer lending questions, so we're happy to help!