How the Loan Process Works
No doubt, a lot to do when you get a mortgage loan. You wouldn’t be visiting our site if you could complete a one-page loan app and get a great loan funded the same 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. 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. 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: pre-qualify for your loan
This step is where The Mortgage Exchange Service LLC will begin to save you money. You will provide info on your current job, your assets, and residence history. You’ll supply information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). After we’ve reviewed your information, we’ll give you a pre-qualificaiton letter. Be careful with this letter — it is a great tool for buying your new home! Your agent will use your 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 shopping for a new house with your 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, it’s time to complete the loan application. Applying for a loan could not get much easier; you can apply from the comfort of your home right here on our site. Finally, we will order an appraisal of your new home.
Step four: funding
Your real estate agent and the seller’s will coordinate to designate an escrow/title company to handle the funding of your loan. We’ll coordinate with this company to ensure all the papers your lender requires are in order, and you’ll probably}likely sign all these papers at their officeWe do all the work to work with with this company to set your closing date. Since you will not need to worry with this coordination, you can think about moving logistics, paint colors, carpet, and the details involved in getting your new home.
You’ve answered some few questions, provided lots of information, applied online, and the next thing you know, you’re moving in! We take care of all the loan details so you can spend your time finding the new home that’s right for you.
Have questions about the loan process? The Mortgage Exchange Service LLC answers loan process questions every day.
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