An Overview of the Mortgage Loan Process
There's quite a lot involved in oder to get a mortgage. You wouldn't be looking up loan information if it were possible to get a loan in one day by filling out 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.
Getting a home loan involves four major steps.
Step one: determine how much you can borrow
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. 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 the rubber meets the road and you save the most money. You will provide details on your current job, your assets, and residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission, of course). We will go over this info then provide a letter of pre-qualification. Handle it with care — it can be a great tool for buying your new home! Your REALTOR® should use your 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 shopping for your new home with your agent, we find the best program for you.
Step three: apply now! We make it easy
Once you have made the offer and the sellers have accepted, you should complete the loan application. Applying for a loan could not be much easier; you can apply any time right here on our site. When the time is right, we'll order an appraisal of your new home.
Step four: your loan is funded
The 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 need are in order, and you'll probably}likely sign all these papers at their officeWe do all the work to coordinate with this company to set your date to close. Since you will not need to worry with this coordination, you get to think about moving logistics, if you're going to repaint, carpet, and the fun parts of getting a new house.
You've answered a few questions, provided lots of information, applied , and the next thing you know, you're moving in! We take care of the loan details so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Tenby J. Dahman at 3038627760. It's our job to answer lending questions, so we're happy to help!