How the Loan Process Works
There can be little question that getting a mortgage is a complicated process. You wouldn't be visiting our site if it were possible to complete a one-page application and receive the best 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.
There are four important steps involved in obtaining a mortgage loan.
Step one: determine how much you can borrow
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. 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 step is where James M. Dix will start saving you money. You will provide details about your employment, your assets, and residence history. You'll supply your employment, asset, and residence history information. We will pull get your credit report and score (with your permission. When we review all this info we provide a letter of pre-qualification. With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for your new home, we are researching the loan that best fits your needs.
Once you've made the offer and it's been accepted, you should complete the loan application. Applying for a loan could not be much easier; you can apply from the comfort of your home right here on our site. At the end of this step, we'll order an appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to find a title company to take care of the funding of your loan. We'll coordinate with this company to make sure all the papers your lender will require are in order, and you'll probably}likely sign everything at their officeWe do all the work to work with with the title company to set your date to close. Because you will not have to worry with this coordination, you get to think about moving logistics, paint colors, carpet, and all the details of getting a new house.
You've answered some few questions, given us detailed information, applied , and Before you know it, you'll be moving in! James M. Dix is in the business of loans; you're not — so we do the work. Makes sense, doesn't it??
Have questions about the loan process? Call James M. Dix at (317) 288-9434. We answer questions about the loan process every day.