How the Mortgage Loan Process Works

Looking for mortgage advice? We'll be glad to discuss our mortgage offerings! Call us at 214-383-9400. Ready to get started? Apply Online Now.

Make no mistake, there's quite a lot involved when you get a mortgage loan. You wouldn't 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.

There are four important steps involved in obtaining a loan.

Step one: determine how much you can borrow

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. 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 Mortgage X-Change will begin saving you money. You will give us info about your current job, assets, and residence history. You'll give us your employment, asset, and residence history information. We run your credit score and report. When we review all this info we will provide a pre-qualification letter. Your real estate agent should use the pre-qual (as they may call it) in order 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 now! We make it easy

Once you've made an offer and it's been accepted, you should apply for the loan. Applying for your loan could not be much easier; you can apply from the comfort of your home right here on our site. After the seller has accepted your offer and you have submitted your loan application, 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" of the loan and closing. We'll coordinate with this company to make sure all the papers your lender will require are available, and you'll probably}likely sign all these papers at this company's officeWe do all the work to coordinate with the title company to set your date of closing. Since you don't need to worry about these details, you can think about the move, if you're going to repaint, carpet, and the details involved in getting your new home.

You've answered a few questions, given us detailed information, applied online, and Before you know it, you'll be moving! Mortgage X-Change is in the business of mortgage loans; you're not — so we do the work. Doesn't that sound nice?

Have questions about the loan process? Call Mortgage X-Change at 214-383-9400. It's our job to answer lending questions, so we're happy to help!

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