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

There can be little doubt that getting a mortgage is a complex process. You wouldn't be here on our website if you could fill out a one-page application and receive an excellent 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 milestones.

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. 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 will begin to save you money. You will supply info about your current job, assets, and your residence history. You'll give us your employment, asset, and residence history information. We get your permission to run your credit score and report. After we've finished reviewing 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. The pre-qual letter gives you buying clout! While you're looking for a new home with your real estate agent, we find the best program for you.

Step three: apply for your loan

Once you have made an offer and the sellers have accepted, 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. At the end of this step, we'll order the appraisal of your new home.

Step four: funding

Your REALTOR® and the seller's will coordinate to designate an escrow/title company to take care of the funding of your loan. We'll coordinate with this company to make sure all the papers your lender requires are in order, 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 to set your date to close. Since you will not have to worry with this coordination, you get to concentrate on moving logistics, painting, new carpet, and all the details of getting your new home.

You've answered some few questions, provided lots of information, applied online, and the next thing you know, you are deciding when to move in! Tenby J. Dahman is in the business of mortgage loans; you're not — so take care of the details. Doesn't that sound nice?

Have questions about the loan process? Call Tenby J. Dahman at 3038627760. Tenby J. Dahman answers loan process questions every day.