The Mortgage Loan Process: an Overview
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There is little doubt that getting a mortgage is a complicated process. You wouldn't be looking up loan information if it were possible to get a mortgage loan in a single day with a simple application. But Washington First Mortgage Corp does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major milestones.
Step one: Decide how much you can afford
This is a function of a couple things. 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? 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. 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 supply info on your employment, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission, of course). When we review this information we will provide a letter of pre-qualification. Your real estate agent will use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for your new home with your agent, we find the best program for you.
Step three: apply for your loan
Once you have made the offer and the sellers have accepted, it's time to complete the loan application. Applying for your loan could not be much easier; you can apply online right here on our site. When the time is right, we will order the appraisal of your new home.
Step four: funding
The agents will find a title company to handle the "funding" of the loan and closing. We'll coordinate with this company to ensure all the papers your lender requires are available, and you will probably}likely sign all these papers at their officeWe do all the work to coordinate with this company to set your date to close. Because you won't have to worry about these details, you can concentrate on moving, painting, carpet, and the fun parts of moving into your new house.
You've answered some few questions, provided lots of information, applied online, and the next thing you know, you're moving in! We take care of the mortgage legwork so you can focus on finding your new home.