Choosing the right type of mortgage for your purchase can be complicated, which is why it’s critical to choose the right mortgage broker. The right type of mortgage depends on more than a few factors:
• Your current financial picture
• How you expect your finances to change
• How long you intend to own your house
• What product makes you most comfortable
Our loan approval process generally begins with an initial interview. One of our mortgage professionals will discuss your potential loan, asking relevant questions and understanding your needs. Ideally, it helps to do this before house hunting, to determine in advance how much you can comfortably afford and the mortgage amount you can qualify for.
Nobody knows your finances and comfort level better than you do. Ask your Atlantic Residential loan officer to help consider your fixed monthly costs, calculate payment figures, and estimate taxes and insurance (and PMI if necessary). This pre-qualification step can save you time and trouble by making certain you're looking in the correct price range from the start.
This important step sets the stage to make the purchasing process smooth. We require a tri-merged credit report for each borrower. We also request accurate income and asset amounts. We include this information in your application and run it through our electronic underwriting system to tell us the loan amount for which you are eligible.
Once you know what is affordable and have been pre-approved, you can start looking for a home.
Make an Offer
Once you find the house of your dreams, you'll want to make an offer on the property. Your realtor will work with you to present a competitive offer. It is important that your Atlantic Mortgage loan officer and realtor communicate during this part of the process. For example, they will need to include any seller credits toward closing costs in the offer contract, etc.
Our application process is extremely thorough – we'll help you every step of the way. Check out our Applications section to learn more.
In-House Underwriting and Closing
After your offer is accepted, you’ll submit your loan application for underwriting. You’ll provide documentation to process your loan, such as pay stubs, bank statements and tax returns. It is very important to get this information to your lender as soon as possible, in order to meet your commitment date as stated in your purchase and sales contract. An appraisal on the property will be completed on the property to ensure the value. Atlantic Residential Mortgage will begin the work of verifying all the information you've provided This process can take anywhere from one to four weeks, depending on the loan itself. We like to set realistic expectations for all of our clients in hopes of making the mortgage process go smoothly.
Some home buyers find the closing process to be one of the most intimidating aspects of buying a home or even refinancing. We get it - and we're here to answer questions during each step, from start to finish. Prior to closing, you'll receive a copy of the settlement statement that lists the final costs of purchasing your home. Bring this final amount in the form of a bank check to your closing. After you sign all necessary paperwork, your loan will be recorded. Your attorney will of course be at the closing to represent you and make sure that your loan closes on time and correctly.