How the Mortgage Loan Process Works
Make no mistake, there's quite a lot to do in oder to get a mortgage loan. You wouldn't be visiting our site if you could complete a one-page loan application and get an excellent loan funded in one 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
A couple of factors determine this amount. What kind of monthly payment are you looking for? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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: complete a pre-qualification
This is where the process really begins and Tenby J. Dahman The Dahman Team can really save you money. You will provide details about your current job, assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). After we have reviewed this info we provide a letter of pre-qualification. Be careful with this letter — it is a useful 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 shopping for the home that's right for you, we're busy finding the loan program that's just right for you.
After you've made the 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. Finally, we'll order the appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will coordinate to find a title company to take care of the funding of your loan. We'll work with this company to ensure the papers your lender will require are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe do all the work to coordinate with the title company on your date to close. Because you don't need to coordinate this process, you get to think about moving, paint colors, carpet, and all the details of moving into your new house.
You've answered a few questions, provided detailed information, applied online, and before you know it, you're moving in! Tenby J. Dahman The Dahman Team is in the business of mortgage loans; you're not — so we do the work. Doesn't that make sense?
Have questions about the loan process? Call Tenby J. Dahman The Dahman Team at 3038627760. We answer questions about the loan process every day.