The Loan Process: an Overview
No doubt, quite a lot involved when you get a mortgage loan. You would not be researching mortgage loans if you could get a mortgage loan in a single day by filling out a simple application. But Washingtonian Mortgage, 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 how much you can afford
A couple of factors determine this amount. 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? 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. 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: pre-qualify for your loan
This is where the rubber meets the road and you save the most money. You will supply details on your employment, your assets, and residence history. You'll supply information on your employment, asset, and residence history. We run your credit score and report. When we review all this info we will provide a letter of pre-qualification. Handle it with care — it is a great tool when you make your offer! Your real estate agent should use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for your new house with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
After you've signed an offer and the sellers accept it, you should apply for the loan. It's very easy, 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 will order a professional appraisal on the home.
Step four: funding
The agents will find a title company to handle the "funding" and closing of the sale. We'll coordinate with this company to ensure the papers your lender needs are avaiailable, and you will probably}likely sign everything at their officeWe do all the work to coordinate with the title company to set your date to close. Since you won't have to coordinate this process, you can think about moving, painting, new carpet, and all the details of getting your new home.
You've answered some few questions, given us detailed information, applied online, and Before you know it, you'll be moving in! Washingtonian Mortgage, LLC is in the business of mortgage loans; you're not — so we take care of the details. Doesn't that sound nice?
Have questions about the loan process? Call Washingtonian Mortgage, LLC at 410-451-2755. It's our job to answer lending questions, so we're happy to help!