The Loan Process: an Overview
There is no question ; getting a mortgage loan is a complex process. You wouldn't be here on our site if it were possible to complete a one-page loan app and get the best loan funded 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.
There are four main steps involved in getting a loan.
Step one: Decide how much you can afford
This is a function of a couple things. 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. We'll also help you through different scenarios by asking a few simple questions. 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 process really begins and you save the most money. You will provide information on 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. After we've reviewed this information, we'll give you a pre-qualificaiton letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for the home that's right for you, we're busy researching the loan program that's just right for your situation.
Once you've made the offer and it's been accepted, it's time to apply for the loan. Applying for a loan could not get much easier; you can apply right here on our site. Finally, we will order an appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to find an escrow/title company to handle the funding of your loan once it has been approved. We'll coordinate with this company to make sure the papers your lender requires are avaiailable, and you will probably}likely sign everything at this company's officeWe work with with this company on your date of closing. Because you will not have to worry with this coordination, you get to concentrate on moving logistics, paint colors, new carpet, and the details involved in getting your new house.
You've answered a few questions, given us lots of information, applied , and Before you know it, you're moving! We take care of all the loan details so you can spend your time 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.