How the Mortgage Loan Process Works
Make no mistake, there's quite a lot involved in oder to get a mortgage. You would not be researching mortgage loans if it were possible to get a mortgage loan in a single day with a simple application. 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 steps.
Step one: Decide how much you can afford
A couple of factors determine this amount. What kind of monthly payment are you looking for? 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. 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 process really begins and you save the most money. You will supply information about your current job, assets, and your residence history. You'll provide your employment, asset, and residence history information. We pull your credit score and report. After we've finished reviewing the provided information, we'll provide a pre-qualificaiton letter. Handle it with care — it can be a useful tool when you make your offer! Your REALTOR® should use your pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're picking out the home that's right for you, we are looking for the best loan program for you.
After you've made the offer and the sellers accept it, you should apply for the loan. Applying for your loan couldn't get much easier; you can apply any time right here on our site. Finally, we will order the appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will work together to designate a title company to handle the funding of your loan once it has been approved. We'll coordinate with this company to ensure the papers your lender requires are avaiailable, and you will probably}likely sign all these papers at their officeWe work with with this company on your closing date. Because you will not need to worry about these details, you get to concentrate on moving logistics, paint colors, new carpet, and the fun parts of getting a new home.
You've answered a few questions, provided lots of information, applied online, and the next thing you know, you're deciding when to move in! We take care of all the loan details so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call James M. Dix at 3172889434. It's our job to answer lending questions, so we're happy to help!