About the Loan Process
There's no doubt ; getting a mortgage is a complicated process. You wouldn't be here on our site if it were possible to fill out a one-page mortgage application and get a great loan check cut 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.
There are four main steps involved in obtaining a loan.
Step one: Decide how much you can afford
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? 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. 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 process really begins and James M. Dix can really save you money. You will provide info about your employment, assets, and your residence history. You'll supply your employment, asset, and residence history information. We pull your credit score and report. After we've reviewed your information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it can be a useful tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're deciding on your new home, we are researching the best loan for you.
After you've signed an offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan could not be much easier; you can apply right here on our site. When the time is right, we'll order an appraisal of your new home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" and closing. We'll coordinate with this company to make sure all the papers your lender requires are in order, and you'll probably}likely sign all these papers at this company's officeWe work with with the title company to set your date of closing. Since you will not need to worry about these details, you get to concentrate on moving logistics, if you're going to repaint, carpet, and the fun parts of moving into your new house.
You've answered some few questions, given us lots of information, applied , and before you know it, you are moving in! James M. Dix 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 James M. Dix at (317) 288-9434. It's our job to answer lending questions, so we're happy to help!