How the Loan Process Works
There can be little doubt that getting a mortgage loan is a complicated process. You wouldn’t be researching mortgage loans if you could get a loan in a single day with a simple application. But Diversified Mortgage Group does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main 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? 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: pre-qualify for your loan
This is where the process really begins and you save the most money. You will provide info on your current job, assets, and your 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 and provide a letter of pre-qualification. Handle it with care — it can be a useful tool for buying your new home! With this letter, your REALTOR® will negotiate the deal for your new home. The pre-qual letter gives you buying clout! While you’re deciding on the home that’s for you, we are looking for the loan that fits your needs.
Step three: apply now! We make it easy
Once you’ve made the offer and it’s been accepted, it’s time to apply for the loan. It’s very easy, and you can apply online, right here on our site. At the end of this step, we will order the appraisal of your new home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the “funding” and closing of the sale. We’ll coordinate with this company to ensure the papers your lender requires are in order, and you will probably}likely sign all these papers at this company’s office We work with this company to set your date to close. Since you will not have to coordinate this process, you can concentrate on the move, paint colors, new carpet, and all the details of moving into a new home.
You’ve answered a few questions, provided detailed information, applied online, and Before you know it, you’re moving! Diversified Mortgage Group is a mortgage specialist; you’re not — so we do the work. Makes sense, doesn’t it??