The Loan Process: an Overview
There is little doubt that getting a mortgage loan is a complex process. You would not be researching mortgage loans if you could get a loan in a single day by filling out a simple application. But James M. Dix does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major steps.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. What kind of monthly payment are you looking for? What is the maximum you can borrow from a lender, given your income and credit history? 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. 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: complete a pre-qualification
This is where the process really begins and James M. Dix can really save you money. You will supply details on your current job, your assets, and residence history. You'll supply information on your employment, asset, and residence history. We get your permission to run your credit score and report. We will go over this information then will give you a letter of pre-qualification. Be careful with this letter — it is a useful tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for the home that's right for you, we are finding the best loan program for you.
After you've signed the offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can do it online, right here on our website. When the time is right, we will order an appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will coordinate to find an escrow/title company to take care of the funding of your loan once it's approved. We'll coordinate with this company to ensure all the papers your lender requires are in order, and you'll probably}likely sign all these papers at this company's officeWe do all the work to work with with the title company on your date of closing. Because you don't need to worry with this coordination, you get to think about moving logistics, painting, new carpet, and the fun parts of moving into a new house.
You've answered some few questions, provided lots of information, applied online, and the next thing you know, you're deciding when to move in! We take care of the loan details so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call James M. Dix at (317) 288-9434. We answer questions about the loan process every day.