The Mortgage Loan Process: an Overview
There is little doubt that getting a mortgage loan is a complicated process. You wouldn't be here on our site if you could fill out a one-page application and get a great loan check cut in one 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.
There are four main steps involved in obtaining a loan.
Step one: Decide how much you can afford
A couple of factors determine this amount. What kind of monthly payment are you looking for? 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 give us info about your employment, your assets, and residence history. You'll supply information on your employment, asset, and residence history. We get your permission to pull your credit score and report. After we've reviewed your information, we'll provide a pre-qualificaiton letter. Handle it with care — it can be a great tool when you make your offer! 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 picking out your new home, we are looking for the loan that best fits your needs.
Step three: apply now! We make it easy
Once you have made an offer and the sellers have accepted, it's time to apply for the loan. It's very easy, and you can do it online, right here on our website. When the time is right, we will order the appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to decide on an escrow/title company to take care of the funding of your loan once it has been approved. We'll work with this company to make sure the papers your lender requires are in order, and you will probably}likely sign all these papers at their officeWe do all the work to work with with the title company on your closing date. Because you won't need to coordinate this process, you can concentrate on the move, painting, carpet, and the details involved in moving into a new house.
You've answered some few questions, provided detailed information, applied online, and the next thing you know, you're 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 make sense?
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!