The Mortgage Loan Process: an Overview
There's quite a lot involved when you get a mortgage. You wouldn't be here on our site if you could complete a one-page loan app and get the best loan check cut the same day. 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.
Getting a loan involves four major steps.
Step one: Decide on your maximum loan amount
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? 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: pre-qualify for your loan
This step is where The Mortgage Exchange Service LLC will start to save you money. You will provide information on your employment, your assets, and residence history. You'll give us your employment, asset, and residence history information. We pull your credit score and report. After we've finished reviewing this information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it is a useful tool when you make your offer! Your real estate agent will likely use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're looking for a new house with your real estate agent, we find the best program for you.
Once you've made an 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. After the offer has been accepted and you have applied for your loan, we will order the professional appraisal on the home.
Step four: funding
The real estate agents will find a title company to handle the "funding" and closing of the sale. We'll coordinate with this company to make sure the papers your lender requires are avaiailable, and you will probably}likely sign all these papers at their officeWe do all the work to coordinate with the title company to set your date to close. Since you don't need to worry about these details, you get to concentrate on moving, paint colors, new carpet, and the details involved in getting a new home.
You've answered some few questions, provided detailed information, applied , and the next thing you know, you're moving 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. We answer questions about the loan process every day.