The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
There can be no doubt that getting a mortgage loan is a complex process. You wouldn't be here on our website if you could complete a simple application and receive an excellent loan funded in one day. But Tenby J. Dahman does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important steps involved in getting a loan.
Step one: Decide how much you can afford
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? 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: 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 about your current job, your assets, and residence history. You'll supply information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). We will review this info and will provide a pre-qualification letter. Be careful with this letter — it can be a great tool when you make your offer! Your REALTOR® will likely 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 deciding on the home that's right for you, we're busy finding the loan program that's right for your situation.
After you've made the offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our website. After the seller has accepted your offer and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: funding
The real estate 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 ensure the papers your lender needs are in order, 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 to close. Since you will not need to worry with this coordination, you get to think about moving logistics, paint colors, carpet, and the fun parts of getting a new home.
You've answered a few questions, given us detailed information, applied online, and the next thing you know, you're moving in! Tenby J. Dahman is in the business of mortgage loans; you're not — so take care of the details. Doesn't that sound nice?
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!