How the Loan Process Works
There is little doubt ; getting a mortgage is a complex process. You wouldn't be here on our site if it were possible to fill out a simple loan app and receive the best loan check cut the same day. We do most of the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
There are four main steps involved in obtaining a mortgage loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. What kind of monthly payment are you looking for? 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. 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 is where the rubber meets the road and Tenby J. Dahman can really save you money. You will give us information on your current job, your assets, and residence history. You'll provide 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). When we review all this info we provide a letter of pre-qualification. Be careful with this letter — it is a useful tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're looking for a new house with your 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. It couldn't be easier, and you can apply online, right here on our website. At the end of this step, we'll order an appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to designate a title company to take care of the funding of your loan. We'll work with this company to make sure the papers your lender will need are avaiailable, and you will probably}likely sign everything at their officeWe coordinate with this company to set your date of closing. Since you don't need to coordinate this process, you can concentrate on moving logistics, if you're going to repaint, new carpet, and the details involved in getting a new house.
You've answered some few questions, provided lots of information, applied online, and the next thing you know, you are moving in! Tenby J. Dahman is in the business of mortgage loans; you're not — so we 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.