How the Loan Process Works
There's quite a lot to do in oder to get a mortgage. You would not be looking up loan information if it were possible to get a loan in one day with 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.
Getting a home loan involves four major milestones.
Step one: Decide on your maximum loan amount
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. 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 you save the most money. You will provide info about your current job, your assets, and residence history. You'll provide information on your employment, asset, and residence history. We get your permission to pull your credit score and report. After we've finished reviewing the provided information, we'll provide a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're looking for a new house with your real estate agent, we find the best program for you.
After you've signed an offer and the sellers accept it, you should apply for the loan. Applying for your loan couldn't be much easier; you can apply online right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will coordinate to decide on a title company to take care of the funding of your loan once it has been approved. We'll coordinate with this company to ensure the papers your lender will require are avaiailable, and you will probably}likely sign everything at this company's officeWe do all the work to work with with the title company to set your closing date. Since you don't need to worry with this coordination, you can think about moving, if you're going to repaint, carpet, and all the details of getting a new home.
You've answered a few questions, provided detailed information, applied online, and Before you know it, you'll be moving in! James M. Dix is a mortgage specialist; you're not — so we do the work. Doesn't that sound nice?
Have questions about the loan process? Call James M. Dix at (317) 288-9434. James M. Dix answers loan process questions every day.