The Four Steps of the Loan Process:The Loan Process: Four Steps
There is little doubt ; getting a mortgage is a complicated process. You would not be researching mortgage loans if you could get a mortgage loan in a single day with 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 mortgage loan.
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. 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: pre-qualify for your loan
This is where the process really begins and you save the most money. You will supply info about your current job, assets, and your residence history. You'll provide your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we've finished reviewing this information, we'll provide you with a pre-qualificaiton letter. With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're deciding on the home that's right for you, we are looking for the best loan program for you.
Step three: apply now! We make it easy
Once you've made the offer and the sellers have accepted, it's time to complete the loan application. It's very easy, and you can apply online, right here on our website. At the end of this step, we will order an appraisal of your new home.
Step four: funding
The real estate agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to make sure 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 coordinate with this company to set your date to close. Because you won't have to worry with this coordination, you get to think about the move, paint colors, new carpet, and the details involved in moving into a new house.
You've answered some few questions, provided lots of information, applied online, and the next thing you know, you are moving in! Tenby J. Dahman is in the business of loans; you're not — so we do the work. Doesn't that make sense?
Have questions about the loan process? Call Tenby J. Dahman at 3038627760. We answer questions about the loan process every day.