An Overview of the Mortgage Loan Process
Make no mistake, there's a lot involved in oder to get a mortgage. You wouldn't be here on our site if you could fill out a simple mortgage application and receive a great loan funded in one day. We do most of the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
Getting a home loan involves four major steps.
Step one: Decide on your maximum loan amount
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? 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: complete a pre-qualification
This is where the process really begins and Tenby J. Dahman The Dahman Team can really save you money. You will give us details on your employment, assets, and residence history. You'll supply information on your employment, asset, and residence history. We get your permission to run your credit score and report. After we've finished reviewing the provided information, we'll provide you with a pre-qualificaiton letter. Be careful with this letter — it can be a useful tool for buying your new home! Your real estate agent should use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for your new home with your real estate agent, we find the best program for you.
After you've made the offer and the sellers accept it, it's time to apply for the loan. Applying for a loan could not be much easier; you can apply from the comfort of your home right here on our site. Finally, we'll order an appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to decide on a title company to handle the funding of your loan once it has been approved. We'll work with this company to make sure the papers your lender will require are in order, and you'll probably}likely sign everything at their officeWe do all the work to coordinate with this company to set your date to close. Because you don't have to coordinate this process, you can think about moving, paint colors, carpet, and the details involved in moving into your new house.
You've answered some few questions, provided detailed information, applied online, and Before you know it, you'll be moving in! We take care of the mortgage legwork so you can spend your time finding your new home.
Have questions about the loan process? Call Tenby J. Dahman The Dahman Team at 3038627760. Tenby J. Dahman The Dahman Team answers loan process questions every day.