An Overview of the Loan Process
Make no mistake, there's quite a lot to do in oder to get a mortgage loan. You wouldn't be researching mortgage loans if you could 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.
Getting a mortgage loan involves four major steps.
Step one: Decide on your maximum loan amount
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. 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 you save the most money. You will supply details about your employment, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We get your permission to pull your credit score and report. After we've finished reviewing the provided information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it can be a useful tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're deciding on the home that's right for you, we are looking for the loan that best fits your needs.
Once you have made the offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can apply online, right here on our website. Finally, we will order the appraisal of your new home.
Step four: funding
The real estate agents will find a title company to handle the "funding" of the loan and closing. We'll work with this company to ensure all the papers your lender requires are in order, and you'll probably}likely sign everything at this company's officeWe do all the work to coordinate with the title company on your closing date. Because you won't have to coordinate this process, you can concentrate on moving logistics, if you're going to repaint, new carpet, and all the details of getting your new house.
You've answered some few questions, provided detailed information, applied , and the next thing you know, you are deciding when to move in! The Mortgage Exchange Service LLC is in the business of mortgage loans; you're not — so we do the work. Makes sense, doesn't it??
Have questions about the loan process? Call The Mortgage Exchange Service LLC at 703.255-5810. The Mortgage Exchange Service LLC answers loan process questions every day.