The Four Steps of the Loan Process:The Loan Process: Four Steps
There's quite a lot to do in oder to get a mortgage. You wouldn't be looking up loan information if it were possible to get a mortgage loan in one day with a simple application. But Tenby J. Dahman does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major milestones.
Step one: determine how much you can borrow
This is a function of a couple things. 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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 is where Tenby J. Dahman can start saving you money. You will provide information on your current job, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We will pull get your credit report and score (with your permission, of course). After we've finished reviewing this information, we'll provide you with a pre-qualificaiton letter. Your REALTOR® 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 deciding on the home that's right for you, we are researching the best loan for you.
After you've signed an offer and the sellers have accepted, it's time to apply for the loan. It's very easy, and you can do it online, right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to decide on an escrow/title company to take care of the funding of your loan. We'll work with this company to make sure all the papers your lender requires are in order, and you will probably}likely sign everything at their officeWe do all the work to work with with the title company to set your date of closing. Since you don't have to worry about these details, you can concentrate on moving logistics, if you're going to repaint, new carpet, and the fun parts of getting a new home.
You've answered a few questions, given us detailed information, applied , and the next thing you know, you're moving in! Tenby J. Dahman is in the business of mortgage loans; 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. We answer questions about the loan process every day.