The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
Make no mistake, there's quite a lot to do when you get a mortgage loan. You would not be looking up loan information if it were possible to get a mortgage loan in one day by filling out a simple application. We do 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 steps.
Step one: Decide how much you can afford
A couple of factors determine this amount. What kind of monthly payment are you looking for? 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. 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: pre-qualify for your loan
This is where the process really begins and Washingtonian Mortgage, LLC can really save you money. You will provide information about your current job, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (with your permission. After we have gone over this information we will provide a pre-qualification letter. Be careful with this letter — it is a great tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. While you're looking for a new home with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
Once you have made the offer and it's been accepted, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our site. At the end of this step, we will order the appraisal of your new home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll coordinate with this company to ensure all the papers your lender will need are avaiailable, and you'll probably}likely sign all these papers at their officeWe do all the work to work with with this company to set your closing date. Since you will not need to worry about these details, you can concentrate on the move, if you're going to repaint, new carpet, and all the details of moving into a new home.
You've answered some few questions, provided detailed information, applied online, and the next thing you know, you are moving in! Washingtonian Mortgage, LLC is a mortgage specialist; you're not — so we do the work. Doesn't that sound nice?
Have questions about the loan process? Call Washingtonian Mortgage, LLC at 4104512755. We answer questions about the loan process every day.