The Mortgage Loan Process: an Overview
No doubt, quite a lot involved in oder to get a mortgage. You wouldn't be here on our website if you could complete a one-page loan app and get an excellent loan check cut the same day. 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.
There are four main steps involved in obtaining a mortgage loan.
Step one: determine how much you can borrow
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. We'll also help you through different scenarios by asking a few simple questions. 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 rubber meets the road and you save the most money. You will give us details about your employment, your assets, and residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (with your permission, of course). We'll go over all this info and will provide a pre-qualification letter. Handle it with care — it is a great tool when you make your offer! Your agent will use your pre-qual (as they may call it) in order 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're busy finding the loan program that's just right for your situation.
Step three: apply now! We make it easy
Once you've made the offer and it's been accepted, it's time to complete the loan application. It's very easy, and you can do it online, right here on our website. When the time is right, we will order the appraisal of your new home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" of the loan and closing. We'll coordinate with this company to make sure the papers your lender will need are in order, and you'll probably}likely sign all these papers at their officeWe do all the work to work with with this company on your date to close. Since you will not have to coordinate this process, you get to think about moving, if you're going to repaint, new carpet, and all the details of getting a new home.
You've answered some few questions, given us lots of information, applied online, and the next thing you know, you're deciding when to move in! James M. Dix is in the business of mortgage 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. James M. Dix answers loan process questions every day.