How the Mortgage Loan Process Works
There's quite a lot involved in oder to get a mortgage. You wouldn't be visiting our site if you could fill out a simple application and get an excellent loan check cut the same day. But The Mortgage Exchange Service LLC does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major steps.
Step one: Decide on your maximum loan amount
This is a function of a couple things. What kind of monthly payment are you looking for? 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. 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: complete a pre-qualification
This is where The Mortgage Exchange Service LLC can start to save you money. You will supply info about your employment, assets, and residence history. You'll provide information on your employment, asset, and residence history. We get your permission to pull your credit score and report. After we have reviewed all this information we will provide a letter of pre-qualification. Be careful with this letter — it is a great tool when you make your offer! Your real estate agent will use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for the home that's right for you, we're busy finding the loan program that's right for you.
Step three: apply now! We make it easy
Once you've made the offer and it's been accepted, it's time to complete the loan application. Applying for your loan could not be much easier; you can apply online right here on our site. Finally, we will order the appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to decide on a title company to handle the funding of your loan. We'll work with this company to ensure all the papers your lender will require are in order, and you will probably}likely sign everything at their officeWe coordinate with the title company on your closing date. Because you will not have to coordinate this process, you get to concentrate on moving logistics, if you're going to repaint, new carpet, and all the details of moving into your new home.
You've answered a few questions, given us detailed information, applied , and Before you know it, you're moving in! We take care of 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. The Mortgage Exchange Service LLC answers loan process questions every day.