An Overview of the Mortgage Loan Process
There can be no doubt that getting a mortgage is a complex process. 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.
Getting a loan involves four major steps.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. How much of a monthly payment can you afford? What is the maximum you can borrow from a lender, given your income and credit history? Use the calculators on our website to determine your monthly payment amount. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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: complete a pre-qualification
This is where the process really begins and The Mortgage Exchange Service LLC can really save you money. You will provide information about your employment, 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 (with your permission, of course). When we review this information we will give you a letter of pre-qualification. 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 looking for a new home with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
Once you have made an offer and it's been accepted, you should apply for the loan. Applying for your loan could not be much easier; you can apply online right here on our site. Finally, we'll order the appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to designate an escrow/title company to take care of the funding of your loan once it has been approved. 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 this company's officeWe work with with the title company to set your date of closing. Since you will not have to worry with this coordination, you can concentrate on moving logistics, painting, new carpet, and all the details of getting a new house.
You've answered a few questions, provided lots of information, applied online, and before you know it, you're moving in! We take care of the legwork so you can focus on finding your new home.
Have questions about the loan process? Call The Mortgage Exchange Service LLC at 703.255-5810. We answer questions about the loan process every day.