An Overview of the Mortgage Loan Process
There's no doubt that getting a mortgage is a complex process. You wouldn't be looking up loan information if you could get a loan in one day with a simple application. But James M. Dix does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important steps involved in obtaining a mortgage 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? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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. 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 James M. Dix will begin saving you money. You will give us details on your employment, assets, and your residence history. You'll provide your employment, asset, and residence history information. We will pull get your credit report and score (with your permission, of course). After we've reviewed this information, we'll provide you with a pre-qualificaiton letter. Your real estate agent will likely use your pre-qual (as they may call it) 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 are finding the best loan program for you.
Once you've made the offer and the sellers have accepted, you should complete the loan application. It couldn't be easier, and you can apply online, 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 coordinate to find an escrow/title company to take care of the funding of your loan. We'll coordinate with this company to ensure the papers your lender requires are avaiailable, and you will probably}likely sign everything at this company's officeWe do all the work to coordinate with this company to set your closing date. Since you will not need to worry with this coordination, you can concentrate on the move, painting, new carpet, and all the details of getting your new house.
You've answered some few questions, provided detailed information, applied online, and Before you know it, you're moving in! James M. Dix is a mortgage specialist; you're not — so we do the work. 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.