An Overview of the Mortgage Loan Process
Make no mistake, there's quite a lot involved in oder to get a mortgage loan. You wouldn't be researching mortgage loans if it were possible to get a loan in one day with a simple application. But Executive Lending Group does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important steps involved in getting a loan.
Step one: Decide on your maximum loan amount
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. 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: pre-qualify for your loan
This is where the process really begins and Executive Lending Group can really save you money. You will supply information on your employment, your assets, and residence history. You'll supply your employment, asset, and residence history information. We pull your credit score and report. After we've reviewed your information, we'll provide you with a pre-qualificaiton letter. With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're picking out the home that's right for you, we're busy researching the loan that's just right for you.
Once you have made an 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. When the time is right, we'll order the appraisal of your new home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to make sure the papers your lender will need are avaiailable, and you'll probably}likely sign everything at their officeWe work with with the title company on your date of closing. Since you don't need to worry with this coordination, you can think about moving, paint colors, new carpet, and all the details of moving into your new house.
You've answered a few questions, provided lots of information, applied , and Before you know it, you're moving in! We take care of the loan details so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call Executive Lending Group at (405) 615-8543. It's our job to answer lending questions, so we're happy to help!