The Four Steps of the Loan Process:The Loan Process: Four Steps
There is little doubt that getting a mortgage loan is a complicated process. You would not be researching mortgage loans if you could get a mortgage 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 mortgage loan involves four major milestones.
Step one: Decide on your maximum loan amount
This is a function of a couple things. What kind of monthly payment are you looking for? 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. 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 Mortgage Exchange Service LLC can begin saving you money. You will supply details on your employment, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (with your permission. After we've finished reviewing the provided information, we'll provide a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're looking for your 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 it's been accepted, it's time to complete the loan application. It couldn't be easier, and you can apply online, right here on our website. At the end of this step, we will order the appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will coordinate to designate a title company to take care of the funding of your loan once it has been approved. We'll coordinate with this company to make sure all the papers your lender needs are in order, and you'll probably}likely sign all these papers at their officeWe work with with the title company to set your date of closing. Because you don't need to worry with this coordination, you get to think about the move, if you're going to repaint, carpet, and the fun parts of moving into a new home.
You've answered a few questions, given us lots of information, applied , and before you know it, you are moving in! We do the mortgage 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 7032555810. It's our job to answer lending questions, so we're happy to help!