The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps

Make no mistake, there's a lot to do in oder to get a mortgage loan. You wouldn't be here on our site if it were possible to complete a simple application and get a great loan funded the same 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 mortgage loan involves four major steps.

Step one: determine how much you can borrow

A couple of factors determine this amount. How much of a monthly payment can you afford? What is the maximum you can borrow from a lender, given your income and credit history? 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: pre-qualify for your loan

This is where Tenby J. Dahman The Dahman Team will begin saving you money. You will supply info about your current job, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (with your permission, of course). When we review all this info we provide a letter of pre-qualification. Your REALTOR® 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 looking for your new home with your agent, we find the best program for you.

Step three: apply now! We make it easy

Once you have signed the offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our website. When the time is right, we'll order an appraisal of your new home.

Step four: funding

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 coordinate with this company to make sure the papers your lender will need are in order, and you'll probably}likely sign everything at this company's officeWe work with with the title company on your date to close. Since you will not need to coordinate this process, you can concentrate on the move, painting, carpet, and the details involved in moving into a new home.

You've answered a few questions, provided lots of information, applied , and the next thing you know, you are moving in! 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. It's our job to answer lending questions, so we're happy to help!