The Loan Process: an Overview
There's a lot involved when you get a mortgage loan. You would not be looking up loan information if it were possible to get a loan in one day with a simple application. 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 home 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. 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: complete a pre-qualification
This is where the process really begins and Washingtonian Mortgage, LLC can really save you money. You will give us details about your current job, your assets, and your 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 finished reviewing your information, we'll provide a pre-qualificaiton letter. Your agent will likely use the pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for your new house with your agent, we find the best program for you.
Step three: apply now! We make it easy
Once you've made an offer and it's been accepted, you should apply for the loan. It's very easy, and you can apply online, right here on our website. After the offer has been accepted and you have applied for your loan, we will 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 all the papers your lender will need are avaiailable, and you will probably}likely sign all these papers at their officeWe coordinate with this company on your date of closing. Since you will not need to coordinate this process, you can concentrate on moving, paint colors, carpet, and the details involved in moving into your new house.
You've answered some few questions, provided detailed information, applied online, and Before you know it, you're moving! We take care of all the loan details so you can focus on finding the new home that's right for you.
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!