About the Loan Process
There's a lot to do in oder to get a mortgage loan. You wouldn't be looking up loan information if it were possible to get a loan in a single day with a simple application. 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 important steps involved in getting a loan.
Step one: determine how much you can borrow
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? 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. 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 is where the process really begins and The Mortgage Exchange Service LLC can really save you money. You will give us details about your employment, assets, and residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission. We will go over all this info and will provide a letter of pre-qualification. Be careful with this letter — it can be a great tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for the home that's right for you, we are researching the best loan program for you.
After you've signed an offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan couldn't be much easier; you can apply any time right here on our site. 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
Your real estate agent 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 work with this company to make sure the papers your lender needs are in order, and you'll probably}likely sign all these papers at this company's officeWe work with with the title company on your date of closing. Because you won't have to coordinate this process, you get to think about moving, if you're going to repaint, carpet, and all the details of getting a new house.
You've answered a few questions, provided detailed information, applied online, and the next thing you know, you are moving in! The Mortgage Exchange Service LLC is a mortgage specialist; you're not — so we take care of the details. Doesn't that sound nice?
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.