The Loan Process: an Overview
There is no doubt ; getting a mortgage loan is a complex process. You wouldn't be here on our website if it were possible to fill out a one-page application and receive an excellent loan funded 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 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: complete a pre-qualification
This is where the process really begins and you save the most money. You will give us details on your employment, assets, and residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (with your permission, of course). After we've reviewed your information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it can be a useful tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're deciding on your new home, we're busy researching the loan program that's right for you.
Step three: apply now! We make it easy
Once you have made the offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can apply online, right here on our site. At the end of this step, we'll order an appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will coordinate to decide on a title company to take care of the funding of your loan once it has been approved. We'll work with this company to make sure all the papers your lender will require are avaiailable, and you will probably}likely sign all these papers at their officeWe work with with this company to set your date of closing. Because you will not have to coordinate this process, you can concentrate on moving logistics, paint colors, new carpet, and the fun parts of getting your new home.
You've answered a few questions, given us detailed information, applied , and before you know it, you're deciding when to move in! The Mortgage Exchange Service LLC is in the business of loans; you're not — so take care of the details. Doesn't that make sense?
Have questions about the loan process? Call The Mortgage Exchange Service LLC at 703.255-5810. It's our job to answer lending questions, so we're happy to help!