The Four Steps of the Loan Process:The Loan Process: Four Steps

There's little question ; getting a mortgage is a complex process. You would not be looking up loan information if it were possible to get a mortgage loan in one day with 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 how much you can afford

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? 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. Because lender guidelines are fairly standard, we can give you a good idea of how much you can borrow after a short conversation.

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 give us info on your employment, assets, and residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission, of course). After we've finished reviewing this information, we'll give you a pre-qualificaiton letter. Handle it with care — it is a useful tool for buying your new home! 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 agent, we find the best program for you.

Step three: apply now! We make it easy

After you've signed the offer and the sellers accept it, you should 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 a professional appraisal on the home.

Step four: funding

Your real estate agent and the seller's will work together to find a title company to take care of the funding of your loan. We'll coordinate with this company to ensure all the papers your lender will require are avaiailable, and you will probably}likely sign everything at their officeWe coordinate with the title company on your date of closing. Because you don't need to worry about these details, you can think about the move, if you're going to repaint, carpet, and all the details of getting a new home.

You've answered some few questions, provided lots of information, applied , and Before you know it, you'll be moving in! Tenby J. Dahman is a mortgage specialist; you're not — so take care of the details. Makes sense, doesn't it??

Have questions about the loan process? Call Tenby J. Dahman at (303) 862-7760. We answer questions about the loan process every day.