The Loan Process: an Overview
There's quite a lot involved in oder to get a mortgage. You wouldn't be visiting our website if you could complete a simple application and get a great loan check cut 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 loan involves four major steps.
Step one: Decide how much you can afford
This is a function of a couple things. 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? 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. 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 Tenby J. Dahman The Dahman Team will start saving you money. You will supply details on your employment, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we've reviewed your information, we'll provide you with a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're picking out your new home, we are researching the best loan program for you.
Step three: apply now! We make it easy
After you've made the offer and the sellers accept it, you should apply for the loan. Applying for your loan couldn't get much easier; you can apply any time right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to designate an escrow/title company to take care of the funding of your loan. We'll coordinate with this company to ensure all the papers your lender will need are in order, and you will probably}likely sign all these papers at their officeWe do all the work to coordinate with this company on your date to close. Because you will not have to worry about these details, you get to think about moving, if you're going to repaint, carpet, and the details involved in getting a new home.
You've answered a few questions, provided lots of information, applied , and Before you know it, you'll be moving in! Tenby J. Dahman The Dahman Team is in the business of mortgage loans; you're not — so we do the work. Makes sense, doesn't it??
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!