About the Mortgage Loan Process
There is no doubt ; getting a mortgage is a complicated process. You would not be looking up loan information if you could get a loan in one day by filling out a simple application. We do most of 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 mortgage loan involves four major milestones.
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. 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 give us info on your employment, assets, and residence history. You'll supply your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we've reviewed the provided information, we'll provide you with a pre-qualificaiton letter. Handle it with care — it can be a useful tool when you make your offer! Your REALTOR® should use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for a new home with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
Once you have made the offer and the sellers accept it, it's time to apply for the loan. Applying for a loan couldn't get much easier; you can apply any time right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will work together to decide on an escrow/title company to take care of the funding of your loan. We'll work with this company to make sure the papers your lender requires are in order, and you will probably}likely sign everything at this company's officeWe coordinate with this company on your date to close. Since you won't have to worry with this coordination, you get to think about moving, paint colors, new carpet, and the fun parts of getting a new house.
You've answered a few questions, given us detailed information, applied online, and Before you know it, you'll be moving 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!