The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
There's little question that getting a mortgage is a complex process. You would not be researching mortgage loans if you could get a loan in one day with a simple application. 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 important steps involved in obtaining a loan.
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? 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 step is where James M. Dix can begin saving you money. You will supply info about your employment, your assets, and residence history. You'll supply information on your employment, asset, and residence history. We pull your credit score and report. We will go over all this info then will give you a letter of pre-qualification. Your agent should 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 deciding on the home that's right for you, we're busy researching the loan that's right for your situation.
Step three: apply now! We make it easy
Once you have made the offer and it's been accepted, you should apply for the loan. Applying for a loan couldn't be much easier; you can apply any time right here on our site. At the end of this step, we'll order an appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will work together to decide on a title company to take care of the funding of your loan once it's approved. We'll work with this company to make sure the papers your lender requires are avaiailable, and you'll probably}likely sign everything at their officeWe coordinate with this company on your closing date. Since you will not have to worry about these details, you can concentrate on moving logistics, painting, carpet, and all the details of moving into a new home.
You've answered a few questions, given us lots of information, applied , and before you know it, you are moving in! We take care of the legwork so you can spend your time 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!