The Mortgage Loan Process: an Overview
No doubt, a lot to do in oder to get a mortgage loan. You wouldn't be visiting our site if you could complete a simple loan app and receive the best loan check cut in one day. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
Getting a loan involves four major milestones.
Step one: Decide on your maximum loan amount
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? 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. 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 rubber meets the road and you save the most money. You will supply details on your current job, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission, of course). We will review all this info then give you a pre-qualification letter. Your real estate agent will likely use the pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for the home that's right for you, we are looking for the best loan program 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 complete the loan application. 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 coordinate to find a title company to take care of the funding of your loan. We'll work with this company to ensure all the papers your lender will need are avaiailable, and you'll probably}likely sign all these papers at their officeWe do all the work to work with with the title company to set your date of closing. Because you don't need to coordinate this process, you get to think about moving logistics, painting, new carpet, and all the details of moving into a new house.
You've answered some few questions, provided lots of information, applied , and before you know it, you are deciding when to move in! The Mortgage Exchange Service LLC is in the business of mortgage loans; you're not — so we 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!