How the Loan Process Works

There's quite a lot involved in oder to get a mortgage. You would not be looking up loan information if you could get a mortgage loan in a single day by filling out a simple application. 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.

There are four primary steps involved in obtaining a loan.

Step one: Decide how much you can afford

A couple of factors determine this amount. 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? You can get a good idea of your preferred payment abount using the calculators on our website. 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 supply information about your employment, assets, and residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). After we've reviewed the provided information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it is a great tool for buying your new home! Your real estate agent will likely use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're looking for a new house with your agent, we find the best program for you.

Step three: apply now! We make it easy

Once you have made an offer and the sellers have accepted, it's time to apply for the loan. It's very easy, and you can apply online, right here on our website. After the offer has been accepted and you have applied for your loan, we will order the professional appraisal on the home.

Step four: your loan is funded

Your REALTOR® and the seller's will coordinate to find a title company to handle the funding of your loan once it has been approved. We'll work with this company to ensure all the papers your lender requires are avaiailable, and you will probably}likely sign all these papers at this company's officeWe do all the work to work with with the title company on your date to close. Because you won't need to worry about these details, you can concentrate on the move, paint colors, new carpet, and the details involved in getting a new home.

You've answered some few questions, given us lots of information, applied online, 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 The Dahman Team at 3038627760. Tenby J. Dahman The Dahman Team answers loan process questions every day.