How the Loan Process Works

There's no 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 main steps involved in obtaining a loan.

Step one: Decide on your maximum loan amount

This is a function of a couple things. 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? 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: pre-qualify for your loan

This is where the rubber meets the road and you save the most money. You will provide info about your employment, assets, and your residence history. You'll give us your employment, asset, and residence history information. We pull your credit score and report. After we've reviewed this information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it can be a great tool for buying your new home! Your REALTOR® will 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 the home that's right for you, we are researching the loan that best fits your needs.

Step three: apply for your loan

Once you have made the offer and it's been accepted, it's time to apply for the loan. Applying for your loan couldn't get much easier; you can apply right here on our site. After the seller has accepted your offer 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 find a title company to handle the funding of your loan. We'll work with this company to ensure all the papers your lender needs are avaiailable, and you will probably}likely sign all these papers at their officeWe coordinate with this company to set your date to close. Because you will not have to worry about these details, you get to think about moving, paint colors, carpet, and all the details of getting a new house.

You've answered a few questions, provided lots of information, applied , and the next thing you know, you are 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. We answer questions about the loan process every day.