The Mortgage Loan Process: an Overview

	Shopping for a mortgage loan? We'd be thrilled to discuss our mortgage offerings! Give us a call at 6194540914. Ready to get started? Apply Now.

Make no mistake, there's a lot involved when you get a mortgage. You wouldn't be visiting our site if you could fill out a simple mortgage application 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 mortgage 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? You can get a good idea of your preferred payment abount using the calculators on our website. 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 Shelter Island Capital can start to save you money. You will provide information on your current job, assets, and residence history. You'll supply information on your employment, asset, and residence history. We get your permission to run your credit score and report. After we've reviewed the provided information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it can be a useful tool when you make your offer! Your real estate agent will likely use your pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for a new home with your agent, we find the best program for you.

Step three: apply now! We make it easy

Once you have made an offer and the sellers have accepted, you should apply for the loan. Applying for a loan couldn't get much easier; you can apply right here on our site. At the end of this step, we'll order the appraisal of your new home.

Step four: funding

Your real estate agent and the seller's will work together to find an escrow/title company to handle the funding of your loan. We'll coordinate with this company to make sure the papers your lender will require are in order, and you'll probably}likely sign everything at their officeWe work with with this company on your closing date. Because you will not need to worry about these details, you get to think about moving, painting, carpet, and the fun parts of moving into a new house.

You've answered a few questions, provided lots of information, applied online, and Before you know it, you're moving! We take care of the legwork so you can spend your time finding your new home.

Have questions about the loan process? Call Shelter Island Capital at 6194540914. We answer questions about the loan process every day.