How the Mortgage Loan Process Works
No doubt, quite a lot to do in oder to get a mortgage. You would not be looking up loan information if you could get a mortgage loan in a single day with a simple application. We do 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 home 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. 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 the process really begins and you save the most money. You will give us information 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 your information, we'll give you a pre-qualificaiton letter. Handle it with care — it can be a useful tool for buying your new home! 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 shopping for a new house with your REALTOR™, we find the best program for you.
Once you have made an offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can do it online, right here on our site. At the end of this step, we will order the appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will work together to designate a title company to take care of the funding of your loan. We'll work 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 do all the work to coordinate with the title company to set your date of closing. Because you don't need to coordinate this process, you can concentrate on moving, if you're going to repaint, new carpet, and the fun parts of moving into a new home.
You've answered a few questions, given us lots of information, applied , and Before you know it, you'll be moving in! We do the mortgage legwork so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call Tenby J. Dahman The Dahman Team at 3038627760. We answer questions about the loan process every day.