How the Mortgage Loan Process Works
There's no question that getting a mortgage loan is a complicated process. You wouldn't be here on our website if you could complete a one-page loan app and receive the best loan check cut in one day. 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 important steps involved in getting a loan.
Step one: Decide on your maximum loan amount
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? 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: 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 give us info on your current job, assets, and your residence history. You'll supply your employment, asset, and residence history information. We pull your credit score and report. After we've finished reviewing the provided information, we'll give you a pre-qualificaiton letter. Be careful with this letter — 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. While you're picking out your new home, we're busy researching the loan program that's just right for you.
Once you have made an offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan could not get much easier; you can apply online right here on our site. After the offer has been accepted and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" and closing. We'll work with this company to make sure all the papers your lender will require are avaiailable, and you'll probably}likely sign everything at their officeWe work with with this company to set your closing date. Since you won't need to worry with this coordination, you get to concentrate on the move, painting, new carpet, and the fun parts of getting a new home.
You've answered a few questions, given us detailed information, applied online, and before you know it, you are moving in! Tenby J. Dahman The Dahman Team is in the business of 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. It's our job to answer lending questions, so we're happy to help!