About the Loan Process
There is no doubt ; getting a mortgage loan is a complex process. You would not be looking up loan information if it were possible to get a mortgage loan in one day by filling out a simple application. 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. 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? 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 supply info on your current job, your assets, and residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission. After we've reviewed this information, we'll give you a pre-qualificaiton letter. Your REALTOR® should 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 your new house with your REALTOR™, 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, you should complete the loan application. It couldn't be easier, and you can do it online, right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order a professional appraisal on the 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 coordinate with this company to make sure the papers your lender will require are avaiailable, and you will probably}likely sign all these papers at this company's officeWe coordinate with the title company to set your closing date. Because you will not have to worry about these details, you can concentrate on the move, painting, new carpet, and all the details of moving into your new home.
You've answered some few questions, given us lots of information, applied , and before you know it, you are moving in! Washingtonian Mortgage, LLC is a mortgage specialist; you're not — so take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Washingtonian Mortgage, LLC at 410-451-2755. Washingtonian Mortgage, LLC answers loan process questions every day.