The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
No doubt, a lot involved when you get a mortgage loan. You wouldn't be here on our website if it were possible to fill out a one-page loan app and get a great loan funded 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 how much you can afford
A couple of factors determine this amount. 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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 step is where The Mortgage Exchange Service LLC can start to save you money. You will give us info on your current job, assets, and residence history. You'll provide your employment, asset, and residence history information. We run your credit score and report. After we've reviewed the provided information, we'll provide you with a pre-qualificaiton letter. Your real estate agent will use the pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're looking for a new home with your agent, we find the best program for you.
Once you have made the offer and it's been accepted, you should apply for the loan. It's very easy, and 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
The agents will find a title company to handle the "funding" of the loan and closing. We'll work with this company to ensure the papers your lender will need are avaiailable, and you will probably}likely sign everything at their officeWe work with with the title company on your date to close. Since you will not have to worry with this coordination, you get to think about moving, painting, new carpet, and the details involved in getting a new house.
You've answered some few questions, provided detailed information, applied online, and Before you know it, you're moving in! We take care of the legwork so you can spend your time finding the new home that's right for you.
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.