About the Loan Process
Make no mistake, there's quite a lot involved in oder to get a mortgage. You wouldn't be visiting our site if it were possible to fill out a one-page loan app and get the best 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.
There are four primary steps involved in getting a loan.
Step one: Decide how much you can afford
A couple of factors determine this amount. 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? 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: complete a pre-qualification
This is where The Mortgage Exchange Service LLC will start to save you money. You will provide info on your current job, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission. We'll go over this info and will provide a pre-qualification letter. Handle it with care — it can be a great tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're deciding on your new home, we're busy finding the loan that's right for you.
Step three: apply now! We make it easy
Once you've made an offer and the sellers have 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. After the offer has been accepted and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" and closing. We'll coordinate with this company to make sure all the papers your lender will require are avaiailable, and you'll probably}likely sign everything at their officeWe do all the work to work with with this company on your closing date. Since you don't need to worry with this coordination, you can think about moving, painting, new carpet, and the details involved in moving into your new house.
You've answered some few questions, given us lots of information, applied online, and Before you know it, you're moving in! We do the legwork so you can spend your time finding the new home that's right for you.
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.