The Four Steps of the Loan Process:The Loan Process: Four Steps
No doubt, a lot to do when you get a mortgage. You wouldn't be researching mortgage loans if it were possible to get a loan in one day by filling out a simple application. But Tenby J. Dahman does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
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? 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. 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 step is where Tenby J. Dahman will begin saving you money. You will provide details on your employment, assets, and residence history. You'll supply information on your employment, asset, and residence history. We run your credit score and report. After we've finished reviewing this information, we'll provide a pre-qualificaiton letter. Handle it with care — it can be a great tool when you make your offer! Your real estate agent will likely use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're looking for a new home with your agent, we find the best program for you.
Step three: apply now! We make it easy
Once you have made the offer and it's been accepted, it's time to complete the loan application. It's very easy, and you can do it online, right here on our website. When the time is right, we'll order an appraisal of your new home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to ensure the papers your lender requires are in order, and you'll probably}likely sign all these papers at this company's officeWe work with with the title company on your closing date. Since you don't need to worry about these details, you get to think about moving, painting, carpet, and the details involved in getting your new house.
You've answered some few questions, provided detailed information, applied , and the next thing you know, you're moving in! Tenby J. Dahman is a mortgage specialist; you're not — so take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Tenby J. Dahman at 3038627760. Tenby J. Dahman answers loan process questions every day.