How the Mortgage Loan Process Works
Make no mistake, there's a lot involved when you get a mortgage. You wouldn't be here on our website if you could fill out a one-page loan app and receive an excellent loan check cut the same day. 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 steps.
Step one: Decide how much you can afford
A couple of factors determine this amount. 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. 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 the process really begins and you save the most money. You will give us details on your employment, assets, and residence history. You'll provide your employment, asset, and residence history information. We will pull get your credit report and score (with your permission, of course). After we've reviewed this information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it is a useful tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're looking for a new house with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
Once you have made the offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our website. At the end of this step, we will order the appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will coordinate to find a title company to handle the funding of your loan. We'll coordinate with this company to ensure all the papers your lender will require are in order, and you will probably}likely sign everything at their officeWe coordinate with the title company on your date to close. Because you won't have to coordinate this process, you can concentrate on moving, if you're going to repaint, carpet, and all the details of getting your new house.
You've answered a few questions, given us detailed information, applied , and Before you know it, you're moving in! Washingtonian Mortgage, LLC is in the business of loans; you're not — so we do the work. Makes sense, doesn't it??
Have questions about the loan process? Call Washingtonian Mortgage, LLC at 410-451-2755. Washingtonian Mortgage, LLC answers loan process questions every day.