The Mortgage Loan Process: an Overview

No doubt, quite a lot to do when you get a mortgage. You wouldn't be here on our site if you could complete a simple loan app and receive an excellent loan check cut in one day. But The Reen Team at Direct Mortgage Funding 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 mortgage loan.

Step one: Decide how much you can afford

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? 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 Reen Team at Direct Mortgage Funding will start to save you money. You will provide information on your employment, assets, and your residence history. You'll provide your employment, asset, and residence history information. We get your permission to run your credit score and report. After we've finished reviewing this information, we'll provide you with a pre-qualificaiton letter. Be careful with this letter — it is 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 a new house with your real estate agent, we find the best program for you.

Step three: apply for your loan

Once you have made an offer and the sellers have accepted, you should apply for the loan. Applying for a loan could not get much easier; you can apply 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 real estate agent and the seller's will work together to designate a title company to take care of the funding of your loan. We'll coordinate with this company to make sure all the papers your lender needs are in order, and you'll probably}likely sign everything at their officeWe coordinate with the title company to set your closing date. Because you won't need to coordinate this process, you can concentrate on moving logistics, paint colors, new carpet, and all the details of getting your new house.

You've answered a few questions, given us lots of information, applied , and the next thing you know, you're deciding when to move in! We take care of the legwork so you can focus on finding your new home.

Have questions about the loan process? Call The Reen Team at Direct Mortgage Funding at 4086261879. It's our job to answer lending questions, so we're happy to help!

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