How the Loan Process Works
No doubt, a lot to do in oder to get a mortgage loan. You wouldn't be here on our website if it were possible to complete a one-page application and receive a great loan funded the same day. 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 primary steps involved in obtaining a loan.
Step one: determine how much you can borrow
A couple of factors determine this amount. How much of a monthly payment can you afford? What is the maximum you can borrow from a lender, given your income and credit history? Use the calculators on our website to determine your monthly payment amount. 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: complete a pre-qualification
This step is where Tenby J. Dahman will start saving you money. You will give us details about your employment, assets, and residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (with your permission. After we've reviewed 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. The pre-qual letter gives you buying clout! While you're picking out the home that's right for you, we are finding the loan that best fits your needs.
Step three: apply now! We make it easy
Once you have made the offer and it's been accepted, you should complete the loan application. Applying for your loan couldn't get much easier; you can apply from the comfort of your home right here on our site. After the offer has been accepted and you have submitted your loan application, we will order a 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 of the sale. We'll coordinate with this company to ensure all the papers your lender will require are avaiailable, and you'll probably}likely sign everything at this company's officeWe do all the work to coordinate with this company to set your closing date. Since you don't have to worry about these details, you get to concentrate on the move, paint colors, carpet, and the fun parts of getting a new home.
You've answered some few questions, provided detailed information, applied , and before you know it, you're deciding when to move in! We take care of all the loan details 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.