Loan Process

Make no mistake – there is a lot of work involved in getting a mortgage loan. You wouldn’t be here on our website if you could fill out a one-page application and get the best loan approved the same day. At Dell Franklin Financial, we do the negotiating and take care of the paperwork so that you can concentrate on the important things — preparing to move into your new home,saving money, or making plans for your home equity check.

There are four main steps involved in getting a loan:

Step one: Determine how much you can borrow

This is established through several factors: how much of a monthly payment can you afford? In addition, given your unique credit and employment history, income and debt, and goals, how much is a lender willing to loan you? You can estimate your monthly payment allowance by using the calculators on our website. We can also help you through different scenarios by going through a few simple questions. Based on standard lender guidelines, we can create a clear picture of the loan terms and programs that work best for your situation.

Step two: Pre-qualify for your loan

By supplying information about your employment, assets, and residence history, as well as giving permission to obtain your credit score, Dell Franklin can review this information and give you a Pre-Qualification Letter. Handle it with care – it is one of the most important tools you have as a home buyer! Your realty agent can use your Pre-Qual (as it is commonly called) to make an offer on a home, and the seller knows that you are pre-qualified for that amount of money. It gives you buying power! While you are checking out different homes for sale, Dell Franklin is working hard to find the loan that is right for you.

Step three: Apply now!

Once you have made an offer and it has been accepted, it is time to finalize the loan application. You can do it online, right here on our website. When the time is right, we will order an appraisal of your new home.

Step four: Your loan is funded

Your realty agent and the seller’s agent will work together to designate an escrow/title company to handle the funding of your loan once it has been approved. We will coordinate with the escrow company to ensure that all of the appropriate paperwork is in order, and you will sign everything at the escrow/title company’s office.

You’ve answered a few questions, given us some detailedinformation, applied online, and next thing you know - you’re moving in! We’re in the business of mortgageloans, you’re not — so we do most of the work. Doesn’t that make sense?