The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
There's little question that getting a mortgage loan is a complicated process. You wouldn't be visiting our site if you could fill out a simple loan app and receive an excellent loan funded in one day. 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 loan involves four major milestones.
Step one: Decide on your maximum loan amount
This is a function of a couple things. How much of a monthly payment can you afford? 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: pre-qualify for your loan
This step is where Tenby J. Dahman can begin saving you money. You will give us info about your current job, assets, and your residence history. You'll provide your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we've reviewed your information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it is a great tool for buying your new home! Your real estate agent will likely use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're picking out your new home, we are finding the loan that best fits your needs.
Once you have made the offer and it's been accepted, you should complete the loan application. Applying for a loan couldn't get much easier; you can apply online right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll 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. We'll work with this company to ensure the papers your lender will need are in order, and you'll probably}likely sign all these papers at this company's officeWe coordinate with this company to set your date to close. Because you will not have to worry with this coordination, you get to concentrate on moving logistics, paint colors, carpet, and the fun parts of moving into a new house.
You've answered a few questions, given us detailed information, applied , and Before you know it, you're moving! 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 (303) 862-7760. It's our job to answer lending questions, so we're happy to help!