How the Mortgage Loan Process Works

There is no doubt that getting a mortgage loan is a complex process. You would not be looking up loan information if it were possible to get a mortgage loan in a single day by filling out a simple application. But Washingtonian Mortgage, LLC does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

There are four important steps involved in obtaining a mortgage loan.

Step one: Decide how much you can afford

A couple of factors determine this amount. How much of a monthly payment can you afford? What is the maximum you can borrow from a lender, given your income and credit history? Use the calculators on our website to determine your monthly payment amount. 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: complete a pre-qualification

This is where the rubber meets the road and Washingtonian Mortgage, LLC can really save you money. You will provide info on your current job, assets, and residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (with your permission, of course). After we've finished reviewing this information, we'll provide a pre-qualificaiton letter. Your REALTOR® will use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're deciding on your new home, we're busy researching the loan that's just right for you.

Step three: apply now! We make it easy

After you've signed the offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, 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 the professional appraisal on the home.

Step four: your loan is funded

The real estate agents will find a title company to handle the "funding" and closing of the sale. We'll work with this company to ensure the papers your lender will require are in order, and you will probably}likely sign all these papers at their officeWe coordinate with the title company on your date of closing. Because you won't have to coordinate this process, you get to think about the move, painting, new carpet, and the details involved in getting your new home.

You've answered a few questions, provided lots of information, applied , and Before you know it, you're moving in! Washingtonian Mortgage, LLC is in the business of mortgage 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 4433365525. It's our job to answer lending questions, so we're happy to help!