How the Loan Process Works
There's little question ; getting a mortgage loan is a complex process. You wouldn't be researching mortgage loans if you could get a loan in a single day by filling out a simple application. But Tenby J. Dahman does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major steps.
Step one: Decide how much you can afford
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? 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: complete a pre-qualification
This is where the process really begins and you save the most money. You will provide info on your employment, assets, and your residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (with your permission, of course). After we've reviewed your 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 agent 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 your new home with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
Once you have made the offer and the sellers have accepted, you should complete the loan application. It couldn't be easier, and you can do it online, right here on our website. When the time is right, we will order the appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will coordinate to find a title company to handle the funding of your loan. We'll coordinate with this company to ensure all the papers your lender will require are in order, and you'll probably}likely sign all these papers at their officeWe work with with the title company on your closing date. Because you will not need to worry about these details, you can concentrate on moving, paint colors, new carpet, and the fun parts of getting your new home.
You've answered a few questions, provided lots of information, applied , and Before you know it, you'll be moving! We take care of all the loan details so you can spend your time finding your new home.
Have questions about the loan process? Call Tenby J. Dahman at (303) 862-7760. Tenby J. Dahman answers loan process questions every day.