The Four Steps of the Loan Process:The Loan Process: Four Steps
There can be little question that getting a mortgage loan is a complicated process. You wouldn't be researching mortgage loans if it were possible to get a mortgage loan in one day with 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 steps.
Step one: determine how much you can borrow
This is a function of a couple things. How much of a monthly payment can you afford? 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. 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 is where Washingtonian Mortgage, LLC will begin saving you money. You will provide information on your current job, assets, and residence history. You'll provide your employment, asset, and residence history information. We get your permission to pull your credit score and report. 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 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've made an offer and it's been accepted, it's time to apply for the loan. It couldn't be easier, and you can apply online, right here on our website. After the seller has accepted your offer and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to decide on a title company to handle the funding of your loan once it's approved. We'll work with this company to ensure the papers your lender will need are in order, and you'll probably}likely sign all these papers at their officeWe do all the work to work with with the title company to set your closing date. Because you won't need to worry with this coordination, you get to concentrate on moving logistics, paint colors, carpet, and all the details of moving into a new house.
You've answered a few questions, provided lots of information, applied , and the next thing you know, you're moving in! We take care of the loan details so you can spend your time finding your new home.
Have questions about the loan process? Call Washingtonian Mortgage, LLC at 410-451-2755. We answer questions about the loan process every day.