The Four Steps of the Loan Process:The Loan Process: Four Steps
There can be little question that getting a mortgage loan is a complex process. You would not be looking up loan information if you could get a mortgage loan in a single day by filling out a simple application. 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.
There are four main steps involved in obtaining a mortgage loan.
Step one: determine how much you can borrow
A couple of factors determine this amount. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? Use the calculators on our website to determine your monthly payment amount. 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: pre-qualify for your loan
This is where the rubber meets the road and The Mortgage Exchange Service LLC can really save you money. You will supply info about your employment, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We pull your credit score and report. We will go over this info then provide a pre-qualification letter. Your agent should use the pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for your new home, we're busy researching the loan program that's right for you.
Step three: apply now! We make it easy
Once you have signed the offer and the sellers accept it, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our website. After the offer has been accepted and you have applied for your loan, we will order the professional appraisal on the home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the "funding" and closing. 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 officeWe work with with the title company to set your closing date. Since you don't have to worry with this coordination, you can think about moving, paint colors, carpet, and all the details of moving into a new house.
You've answered some few questions, provided lots of information, applied , and Before you know it, you'll be moving in! The Mortgage Exchange Service LLC is a mortgage specialist; you're not — so we do the work. Doesn't that sound nice?
Have questions about the loan process? Call The Mortgage Exchange Service LLC at 703.255-5810. We answer questions about the loan process every day.