About the Loan Process
Make no mistake, there's quite a lot involved when you get a mortgage. You wouldn't be visiting our site if you could complete a simple application and get a great loan funded in one day. But The Mortgage Exchange Service LLC does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four primary steps involved in getting a loan.
Step one: determine how much you can borrow
A couple of factors determine this amount. 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. 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 is where the rubber meets the road and you save the most money. You will provide information on your current job, assets, and your residence history. You'll provide your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission. After we've finished reviewing your information, we'll provide a pre-qualificaiton letter. With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for your new home with your REALTOR™, we find the best program for you.
Once you have made an offer and the sellers have accepted, you should apply for the loan. Applying for your loan couldn't get much easier; you can apply any time right here on our site. Finally, we will order an appraisal of your new home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll coordinate with this company to ensure the papers your lender will need are avaiailable, and you will probably}likely sign everything at this company's officeWe coordinate with this company to set your date to close. Since you won't have to worry with this coordination, you can concentrate on moving logistics, if you're going to repaint, new carpet, and all the details of moving into your new home.
You've answered some few questions, provided lots of information, applied , and before you know it, you're deciding when to move in! We take care of all the loan details so you can spend your time finding your new home.
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!