An Overview of the Mortgage Loan Process
There can be little doubt ; getting a mortgage loan is a complicated process. You wouldn't be here on our website if you could complete a simple loan app and get the best loan check cut in one day. But James M. Dix does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major milestones.
Step one: determine how much you can borrow
This is a function of a couple things. How much of a monthly payment can you afford? 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. 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 you save the most money. You will give us info about your current job, your assets, and your residence history. You'll give us 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 finished reviewing your information, we'll give you a pre-qualificaiton letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping 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 an offer and the sellers accept it, it's time to apply for the loan. Applying for a loan couldn't be much easier; you can apply online right here on our site. At the end of this step, we'll order the appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will coordinate 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 requires are in order, and you'll probably}likely sign everything at their officeWe work with with this company to set your date of closing. Because you won't have to coordinate this process, you can concentrate on moving, paint colors, new carpet, and the details involved in moving into your new home.
You've answered a few questions, provided lots of information, applied , and Before you know it, you're moving in! James M. Dix is a mortgage specialist; 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!