An Overview of the Loan Process
No doubt, quite a lot to do in oder to get a mortgage. You wouldn't be looking up loan information if you could get a mortgage loan in one day by filling out a simple application. 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 important steps involved in getting a mortgage loan.
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? 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 is where the process really begins and you save the most money. You will give us details on your employment, assets, and your residence history. You'll supply 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 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! Your REALTOR® will likely use your pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're deciding on your new home, we're busy finding the loan that's just right for your unique situation.
Once you have made an offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our site. When the time is right, we will order an appraisal of your new home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" and closing of the sale. We'll coordinate with this company to make sure the papers your lender will need are avaiailable, and you will probably}likely sign everything at their officeWe do all the work to coordinate with the title company on your closing date. Since you won't have to coordinate this process, you get to concentrate on moving logistics, if you're going to repaint, carpet, and the fun parts of getting your new home.
You've answered a few questions, provided detailed 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. Doesn't that sound nice?
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!