How the Loan Process Works
No doubt, a lot involved in oder to get a mortgage loan. You wouldn't be here on our website if you could complete a simple loan app and receive a great loan funded the same 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 steps.
Step one: determine how much you can borrow
This is a function of a couple things. 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 you save the most money. You will provide info on your current job, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission. After we've finished reviewing this information, we'll provide a pre-qualificaiton letter. Handle it with care — it can be a useful tool for buying your new home! 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 deciding on the home that's right for you, we're busy researching the loan program that's right for you.
Step three: apply now! We make it easy
After you've signed the offer and the sellers accept it, it's time to apply for the loan. It couldn't be easier, and you can apply online, right here on our website. At the end of this step, we will order an appraisal of your new home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll work with this company to ensure all the papers your lender will require are in order, and you'll probably}likely sign all these papers at their officeWe coordinate with the title company to set your date of closing. Since you will not have to worry about these details, you can think about the move, paint colors, new carpet, and all the details of moving into your new home.
You've answered some few questions, provided detailed information, applied online, and Before you know it, you'll be moving! James M. Dix is in the business of loans; you're not — so take care of the details. Doesn't that sound nice?
Have questions about the loan process? Call James M. Dix at 3172889434. James M. Dix answers loan process questions every day.