How the Loan Process Works
There is no doubt that getting a mortgage is a complicated process. You would not be looking up loan information if it were possible to get a mortgage loan in one day with a simple application. We do 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 mortgage loan.
Step one: Decide how much you can afford
A couple of factors determine this amount. 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. 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 can really save you money. You will give us info on your current job, assets, and residence history. You'll supply information on your employment, asset, and residence history. 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 great tool when you make your offer! Your REALTOR® should use the 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 looking for your new house with your REALTOR™, we find the best program for you.
Once you've made the offer and it's been accepted, it's time to apply for the loan. Applying for a loan couldn't get much easier; you can apply right here on our site. Finally, we will order an appraisal of your new home.
Step four: funding
The agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to make sure all the papers your lender will need are avaiailable, and you will probably}likely sign all these papers at their officeWe do all the work to coordinate with this company to set your date of closing. Because you will not have to worry with this coordination, you can think about moving, painting, new carpet, and all the details of getting a new house.
You've answered a few questions, given us detailed information, applied online, and Before you know it, you're moving in! Tenby J. Dahman is in the business of loans; you're not — so we take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Tenby J. Dahman at 3038627760. Tenby J. Dahman answers loan process questions every day.