An Overview of the Mortgage Loan Process
There's no question ; getting a mortgage is a complex process. You wouldn't be looking up loan information if it were possible to get a loan in one day with a simple application. But Tenby J. Dahman The Dahman Team does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in getting a mortgage loan.
Step one: determine how much you can borrow
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? 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. 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 step is where Tenby J. Dahman The Dahman Team will begin to save you money. You will give us information about your employment, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We get your permission to run your credit score and report. After we've reviewed your information, we'll provide a pre-qualificaiton letter. Your agent will likely use your pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're picking out your new home, we are researching the best loan for you.
Once you've made an 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 site. When the time is right, we will order an appraisal of your new home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll coordinate with this company to make sure the papers your lender will require are avaiailable, and you'll probably}likely sign all these papers at their officeWe work with with the title company to set your date to close. Since you don't need to worry with this coordination, you get to concentrate on moving, if you're going to repaint, carpet, and the details involved in moving into a new house.
You've answered a few questions, provided detailed information, applied , and Before you know it, you'll be moving in! We take care of the mortgage legwork so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Tenby J. Dahman The Dahman Team at 3038627760. Tenby J. Dahman The Dahman Team answers loan process questions every day.