The Mortgage Loan Process: an Overview
There's no doubt that getting a mortgage is a complex process. You would not be looking up loan information if it were possible to get a loan in one day by filling out a simple application. But Tenby J. Dahman does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major milestones.
Step one: Decide on your maximum loan amount
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. 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 step is where Tenby J. Dahman will begin to save you money. You will supply information on your employment, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission. After we've reviewed this information, we'll provide a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're looking for a new home with your real estate agent, 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: your loan is funded
Your real estate agent and the seller's will coordinate to find a title company to take care of the funding of your loan. We'll work with this company to ensure all the papers your lender requires are in order, and you will probably}likely sign all these papers at their officeWe coordinate with the title company to set your closing date. Because you won't need to worry with this coordination, you can concentrate on the move, if you're going to repaint, carpet, and the fun parts of getting a new home.
You've answered some few questions, provided lots of information, applied online, and Before you know it, you'll be 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 at (303) 862-7760. It's our job to answer lending questions, so we're happy to help!