yam@ylmortgage.com
+1 (732) 860-9055
Securing a mortgage loan involves several steps, and at Y&L Mortgage LLC, we strive to make this process as straightforward and stress-free as possible for our clients. Our team handles the majority of the work, allowing you to focus on what truly matters — preparing for your move into your new home or finding ways to save money.
Here are the four main steps involved in obtaining a loan:
Step One: Determine Your Borrowing Capacity
Several factors influence the amount you can borrow, including your monthly payment capacity, your unique credit and employment history, income, debt, and financial goals. Our website features calculators that can give you a rough estimate of your preferred payment. By answering a few questions, we can guide you towards the right loan amount and the best program for you. Based on standard lender guidelines, we can provide you with a good idea of the terms and loan program that will be most beneficial for you.
Step Two: Complete a Pre-Qualification
This is where the real process begins, and where you can save the most money. You will need to provide information about your employment, assets, and residence history. With your permission, we will pull your credit score and report. After reviewing all this information, we will issue a letter of pre-qualification. This letter is a powerful tool when making an offer on a home, as it gives you negotiating power. While you’re house hunting with your agent, we will find the best program for you.
Step Three: Apply for Your Loan
Once your offer has been accepted by the sellers, it’s time to apply for the loan. The application process couldn’t be simpler; you can apply directly on our website. After your offer has been accepted and you have applied for your loan, we will order a professional appraisal of the home.
Step Four: Secure Funding
Your real estate agent and the seller’s agent will coordinate to select a title company to handle the funding of your loan. We will work with this company to ensure all necessary documents are available, and you will likely sign all these papers at their office. We handle all the coordination with the title company to set your closing date. This allows you to focus on the details of moving into your new home, such as planning for any repainting or carpeting needs.
By answering a few questions, providing detailed information, and applying online, you’ll be on your way to moving into your new home before you know it! At Y&L Mortgage LLC, we specialize in loans, so you don’t have to. We take care of the details, so you can focus on what’s important. It’s as simple as that.
Looking for a mortgage? We’d be delighted to discuss our range of mortgage options with you!
+1 (732) 860-9055 Apply Now.NMLS #2547862
Y&L Mortgage LLC is accepting loan applications only in the following states : New Jersey