An Overview of the Mortgage Loan Process
Make no mistake, there's a lot to do when you get a mortgage. You wouldn't be visiting our site if it were possible to fill out a one-page loan application and receive the best loan funded the same day. We do 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 main steps involved in getting a loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. How much of a monthly payment can you afford? What is the maximum you can borrow from a lender, given your income and credit history? 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. 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 James M. Dix can really save you money. You will provide info about your current job, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission. After we've reviewed this information, we'll provide you with a pre-qualificaiton letter. Your REALTOR® will likely 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 deciding on your new home, we're busy finding the loan program that's right for your unique situation.
After you've made the offer and the sellers accept it, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: funding
The agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to make sure all the papers your lender will require are avaiailable, and you will probably}likely sign everything at their officeWe work with with the title company on your date of closing. Since you don't need to worry with this coordination, you can think about the move, if you're going to repaint, new carpet, and the fun parts of moving into your new house.
You've answered some few questions, provided lots of information, applied , and the next thing you know, you are moving in! James M. Dix is in the business of loans; you're not — so we do the work. Doesn't that make sense?
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!