The Four Steps of the Loan Process:The Loan Process: Four Steps

	Looking for a loan? We'd be thrilled to answer your questions about your mortgage needs! Give us a call at 214.485.2200. Ready to get started? Apply Online Now.

There can be no question ; getting a mortgage is a complicated process. You would not be researching mortgage loans if it were possible to get a loan in a single 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.

There are four main steps involved in obtaining a loan.

Step one: Decide how much you can afford

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? 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 SMI Lending can begin saving you money. You will provide info on your employment, assets, and residence history. You'll provide your employment, asset, and residence history information. We pull your credit score and report. After we've reviewed the provided information, we'll provide a pre-qualificaiton letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're deciding on the home that's right for you, we're busy researching the loan that's right for your unique situation.

Step three: apply for your loan

Once you have made an offer and it's been accepted, you should complete the loan application. Applying for a loan couldn't get much easier; you can apply online right here on our site. Finally, we will order an appraisal of your new home.

Step four: funding

The agents will find an escrow/title company to handle the "funding" and closing. We'll work with this company to make sure all the papers your lender requires are avaiailable, and you will probably}likely sign all these papers at their officeWe work with with this company on your closing date. Because you won't have to worry with this coordination, you get to think about the move, if you're going to repaint, new carpet, and all the details of getting your new house.

You've answered a few questions, provided lots of information, applied , and before you know it, you are moving in! SMI Lending is a mortgage specialist; you're not — so take care of the details. Makes sense, doesn't it??

Have questions about the loan process? Call TMO at 214.485.2200, we answer loan process questions every day.