The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
There is little doubt that getting a mortgage loan is a complex process. You wouldn't be looking up loan information if you could get a mortgage loan in one day with a simple application. But Tenby J. Dahman The Dahman Team does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important steps involved in getting a loan.
Step one: determine how much you can borrow
A couple of factors determine this amount. 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? Use the calculators on our website to determine your monthly payment amount. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.
Step two: complete a pre-qualification
This is where the process really begins and you save the most money. You will provide details on your employment, assets, and residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission. After we've reviewed the provided information, we'll provide you with a pre-qualificaiton letter. Be careful with this letter — it can be a useful tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're looking for a new house with your agent, we find the best program for you.
Once you've made an offer and it's been accepted, it's time to apply for the loan. Applying for a loan couldn't get much easier; you can apply right here on our site. After the offer has been accepted and you have applied for your loan, we will order a professional appraisal on the home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll coordinate with this company to make sure all the papers your lender requires are in order, and you'll probably}likely sign all these papers at their officeWe do all the work to coordinate with this company to set your closing date. Because you will not need to worry about these details, you get to think about the move, paint colors, carpet, and the fun parts of moving into your new home.
You've answered some few questions, given us detailed information, applied , and the next thing you know, you are deciding when to move in! We take care of the mortgage legwork so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Tenby J. Dahman The Dahman Team at 3038627760. It's our job to answer lending questions, so we're happy to help!