The Loan Process: an Overview
There's a lot involved in oder to get a mortgage. You wouldn't be researching mortgage loans if it were possible to get a mortgage loan in a single day by filling out 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.
Getting a loan involves four major steps.
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? Use the calculators on our website to determine your monthly payment amount. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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: pre-qualify for your loan
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, your assets, and residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (with your permission, of course). When we review all this information we will provide a letter of pre-qualification. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for your new home with your agent, we find the best program for you.
Once you've made the offer and the sellers have accepted, it's time to complete the loan application. Applying for a loan could not be much easier; 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. We'll work with this company to ensure the papers your lender requires are avaiailable, 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 to close. Because you won't have to worry with this coordination, you can think about the move, paint colors, carpet, and the fun parts of getting your new home.
You've answered a few questions, given us lots of information, applied online, and before you know it, you are deciding when to move in! Tenby J. Dahman The Dahman Team is in the business of loans; you're not — so we do the work. Doesn't that sound nice?
Have questions about the loan process? Call Tenby J. Dahman The Dahman Team at 3038627760. We answer questions about the loan process every day.