How the Mortgage Loan Process Works
Make no mistake, there's quite a lot to do in oder to get a mortgage loan. You would not be looking up loan information if it were possible to get a mortgage loan in one day by filling out a simple application. 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.
There are four main steps involved in obtaining a loan.
Step one: Decide how much you can afford
This is a function of a couple things. How much of a monthly payment can you afford? 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. 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 rubber meets the road and Tenby J. Dahman can really save you money. You will supply details on your current job, your assets, and residence history. You'll supply your employment, asset, and residence history information. We will pull get your credit report and score (with your permission. After we've finished reviewing the provided information, we'll provide you with a pre-qualificaiton letter. Your 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 picking out your new home, we're busy finding the loan that's right for you.
Once you've made the offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can apply online, right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order a professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will coordinate to designate a title company to take care of the funding of your loan once it has been approved. We'll coordinate with this company to make sure the papers your lender will require are in order, 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 closing date. Since you won't need to coordinate this process, you get to think about moving logistics, paint colors, new carpet, and all the details of moving into your new home.
You've answered some few questions, provided lots of information, applied online, and Before you know it, you'll be moving in! We do the mortgage legwork so you can focus on finding your new home.
Have questions about the loan process? Call Tenby J. Dahman at 3038627760. We answer questions about the loan process every day.