The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
There can be little question that getting a mortgage loan is a complex process. You wouldn't be visiting our site if you could fill out a one-page loan application and receive the best loan funded 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 primary steps involved in obtaining a loan.
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? 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 process really begins and you save the most money. You will provide details on your current job, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission. After we've reviewed your information, we'll provide a pre-qualificaiton letter. 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 picking out your new home, we are researching the best loan for you.
After you've signed an offer and the sellers accept it, you should apply for the loan. It couldn't be easier, and you can do it online, right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will coordinate to designate a title company to handle the funding of your loan once it has been approved. We'll work with this company to make sure all the papers your lender requires are avaiailable, and you'll probably}likely sign everything at this company's officeWe work with with the title company on your date of closing. Since you don't have to worry with this coordination, you get to concentrate on the move, painting, carpet, and all the details of getting your new house.
You've answered a few questions, given us detailed information, applied , and before you know it, you're deciding when to move in! We take care of the mortgage legwork so you can focus on finding your new home.
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!