The Loan Process: an Overview

There's quite a lot to do when you get a mortgage loan. You wouldn't be here on our site if it were possible to complete a simple application and receive the best loan funded in one day. 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.

Getting a mortgage loan involves four major milestones.

Step one: Decide on your maximum loan amount

This is a function of a couple things. 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. 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 is where The Reen Team at Direct Mortgage Funding will begin saving you money. You will provide details about your employment, assets, and your residence history. You'll give us your employment, asset, and residence history information. We pull your credit score and report. After we've reviewed your information, we'll provide a pre-qualificaiton letter. Your real estate agent will use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're looking for your new house with your REALTOR™, we find the best program for you.

Step three: apply now! We make it easy

Once you've made the offer and the sellers have accepted, it's time to complete the loan application. Applying for your loan couldn't get much easier; you can apply right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order a professional appraisal on the home.

Step four: funding

Your REALTOR® and the seller's will coordinate to decide on an escrow/title company to handle the funding of your loan once it has been approved. We'll coordinate with this company to ensure the papers your lender needs are in order, and you will probably}likely sign all these papers at this company's officeWe do all the work to coordinate with this company on your date to close. Since you don't have to coordinate this process, you can think about moving, paint colors, new carpet, and all the details of moving into a new house.

You've answered a few questions, given us detailed information, applied online, and the next thing you know, you are moving in! The Reen Team at Direct Mortgage Funding is in the business of loans; you're not — so we do the work. Doesn't that sound nice?

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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