How the Mortgage Loan Process Works
No doubt, a lot involved when you get a mortgage. You would not be researching mortgage loans if it were possible to get a mortgage loan in one day by filling out a simple application. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
Getting a mortgage loan involves four major milestones.
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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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: complete a pre-qualification
This is where the rubber meets the road and James M. Dix can really save you money. You will give us details about your employment, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We pull your credit score and report. We'll review this information and will provide a letter of pre-qualification. Be careful with this letter — it can be a great tool when you make your offer! 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're busy researching the loan that's just right for you.
Step three: apply now! We make it easy
Once you have made the offer and the sellers accept it, it's time to apply for the loan. Applying for your loan could not be much easier; you can apply right here on our site. After the seller has accepted your offer and you have applied for your loan, we will order the professional appraisal on the home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll work with this company to ensure all the papers your lender requires are in order, and you will probably}likely sign all these papers at this company's officeWe work with with the title company on your date of closing. Since you don't have to worry about these details, you get to think about moving, painting, new carpet, and all the details of moving into a new home.
You've answered some few questions, given us detailed information, applied , and Before you know it, you'll be moving! We do the mortgage legwork so you can focus on finding your new home.
Have questions about the loan process? Call James M. Dix at 3172889434. James M. Dix answers loan process questions every day.