How the Mortgage Loan Process Works
There's little doubt that getting a mortgage loan is a complex process. You would not be looking up loan information 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 mortgage loan involves four major milestones.
Step one: determine how much you can borrow
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? 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 step is where Tenby J. Dahman can start saving you money. You will give us information on your current job, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission, of course). We will review this info and will give you a pre-qualification letter. Be careful with this letter — it can be a great tool when you make your offer! Your real estate agent will likely use your 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, we're busy researching the loan program that's just right for you.
Step three: apply now! We make it easy
After you've made the offer and the sellers have accepted, you should apply for the loan. Applying for your loan could not be much easier; you can apply from the comfort of your home right here on our site. When the time is right, we'll order an appraisal of your new home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to make sure all the papers your lender will require are avaiailable, and you will probably}likely sign all these papers at their officeWe coordinate with this company to set your closing date. Since you don't have to worry about these details, you can think about moving logistics, if you're going to repaint, new carpet, and all the details of getting a new home.
You've answered a few questions, provided detailed information, applied , and Before you know it, you'll be moving in! We take care of all the loan details so you can focus on finding your new home.
Have questions about the loan process? Call Tenby J. Dahman at 3038627760. We answer questions about the loan process every day.