The Mortgage Loan Process: an Overview
There can be 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 loan app and receive an excellent loan funded 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: Decide how much you can afford
This is a function of a couple things. 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? You can get a good idea of your preferred payment abount using the calculators on our website. 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 rubber meets the road and James M. Dix can really save you money. You will give us info about your employment, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission. After we've reviewed the provided information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it is a great tool for buying your new home! Your agent will use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for your new house with your agent, we find the best program for you.
Step three: apply now! We make it easy
Once you have made an offer and the sellers have accepted, it's time to complete the loan application. It couldn't be easier, and you can do it online, right here on our website. After the offer has been accepted and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will work together to decide on an escrow/title company to handle the funding of your loan. We'll coordinate with this company to make sure all the papers your lender needs are in order, and you will probably}likely sign everything at their officeWe coordinate with this company on your date of closing. Because you will not have to worry about these details, you get to concentrate on moving, paint colors, new carpet, and all the details of getting your new house.
You've answered some few questions, provided lots of information, applied , and the next thing you know, you're moving in! James M. Dix is a mortgage specialist; you're not — so we take care of the details. Doesn't that make sense?
Have questions about the loan process? Call James M. Dix at (317) 288-9434. We answer questions about the loan process every day.