An Overview of the Mortgage Loan Process

Make no mistake, there's a lot to do in oder to get a mortgage loan. You wouldn't be looking up loan information if you could get a loan in one 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.

There are four primary steps involved in getting 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? 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: complete a pre-qualification

This is where Tenby J. Dahman The Dahman Team can begin to save you money. You will give us details on your current job, your assets, and residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission. After we have gone over this information we give you a letter of pre-qualification. Be careful with this letter — it can be a great tool when you make your offer! Your agent will 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 your new home, we're busy finding the loan that's just right for you.

Step three: apply now! We make it easy

Once you have made the offer and the sellers have accepted, it's time to apply for the loan. Applying for a 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 the professional appraisal on the home.

Step four: your loan is funded

The real estate agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll work with this company to ensure the papers your lender needs are avaiailable, and you will probably}likely sign all these papers at this company's officeWe do all the work to coordinate with this company on your date to close. Because you don't have to coordinate this process, you get to concentrate on the move, painting, carpet, and the details involved in moving into your new home.

You've answered some few questions, given us lots of information, applied online, and the next thing you know, you are moving 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 The Dahman Team at 3038627760. It's our job to answer lending questions, so we're happy to help!