About the Loan Process
No doubt, quite a lot to do in oder to get a mortgage loan. You wouldn't be here on our site if you could fill out a one-page loan app and receive the best loan funded the same day. 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 loan involves four major milestones.
Step one: Decide how much you can afford
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? You can get a good idea of your preferred payment abount using the calculators on our website. We'll also help you through different scenarios by asking a few simple questions. 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 Washingtonian Mortgage, LLC can start to save you money. You will supply details on your employment, assets, and residence history. You'll provide information on your employment, asset, and residence history. We will get your credit report and score (with your permission, of course). After we've finished reviewing the provided information, we'll give you a pre-qualificaiton letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're picking out the home that's right for you, we are finding the best loan for you.
Step three: apply now! We make it easy
Once you have made an offer and it's been accepted, you should apply for the loan. Applying for a loan could not be much easier; you can apply online right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order a professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will work together to designate an escrow/title company to handle the funding of your loan. We'll coordinate with this company to make sure all the papers your lender will need are avaiailable, and you'll probably}likely sign everything at this company's officeWe coordinate with this company to set your date of closing. Because you won't need to worry about these details, you can think about the move, painting, carpet, and the fun parts of moving into your new home.
You've answered a few questions, provided detailed information, applied , and Before you know it, you're moving! We take care of all the loan details so you can focus on finding your new home.
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!