About the Mortgage Loan Process
Make no mistake, there's a lot involved in oder to get a mortgage. You wouldn't be here on our website if you could fill out a one-page application and receive a great loan check cut 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 main steps involved in obtaining a mortgage loan.
Step one: Decide on your maximum loan amount
This is a function of a couple things. 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. 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 James M. Dix can really save you money. You will supply details on your current job, your assets, and residence history. You'll supply 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 give you a letter of pre-qualification. With this letter, your REALTOR® 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 are looking for the loan that best fits your needs.
Once you have made the offer and the sellers have accepted, it's time to apply for the loan. It's very easy, and you can apply online, right here on our site. After the offer has been accepted and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" and closing of the sale. We'll coordinate with this company to make sure the papers your lender requires are in order, and you'll probably}likely sign all these papers at this company's officeWe coordinate with the title company on your closing date. Since you don't have to coordinate this process, you can think about moving, if you're going to repaint, new carpet, and the fun parts of getting your new home.
You've answered some few questions, given us lots of information, applied online, and before you know it, you are deciding when to move in! James M. Dix is a mortgage specialist; you're not — so take care of the details. Doesn't that make sense?
Have questions about the loan process? Call James M. Dix at (317) 288-9434. We answer questions about the loan process every day.