The Loan Process: an Overview
Make no mistake, there's a lot involved when you get a mortgage loan. You wouldn't be researching mortgage loans if you could get a loan in one day with 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 important steps involved in getting 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? 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. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.
Step two: complete a pre-qualification
This is where the rubber meets the road and you save the most money. You will give us details about 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. When we review all this information we will give you a pre-qualification letter. Be careful with this letter — it is a great tool for buying your new home! Your real estate agent will likely use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're picking out the home that's right for you, we are finding the loan that best fits your needs.
Once you've made the offer and it's been accepted, it's time to complete the loan application. It couldn't be easier, and you can apply online, right here on our site. Finally, we'll order the appraisal of your new home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll work with this company to make sure all the papers your lender will require are avaiailable, and you will probably}likely sign all these papers at their officeWe do all the work to work with with the title company on your date to close. Since you will not have to coordinate this process, you get to think about the move, paint colors, carpet, and all the details of moving into a new home.
You've answered a few questions, provided lots of information, applied online, and before you know it, you're deciding when to move in! We take care of all the loan details so you can focus on finding your new home.
Have questions about the loan process? Call The Mortgage Exchange Service LLC at 703.255-5810. It's our job to answer lending questions, so we're happy to help!