The Loan Process: an Overview
There can be no question that getting a mortgage is a complicated process. You wouldn't be visiting our site if you could complete a simple loan app and receive an excellent loan check cut the same day. 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.
There are four primary steps involved in obtaining a loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? You can get a good idea of your preferred payment abount using the calculators on our website. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 process really begins and Executive Lending Group can really save you money. You will give us info about 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). We will review all this info and will provide a pre-qualification letter. Your real estate agent will use the pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're deciding on your new home, we are finding the loan that best fits your needs.
Once you've made the offer and the sellers have accepted, it's time to complete the loan application. It couldn't be easier, and you can apply online, right here on our website. 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" and closing of the sale. We'll coordinate with this company to ensure the papers your lender will require are avaiailable, and you'll probably}likely sign everything at their officeWe do all the work to coordinate with this company on your date to close. Because you won't have to worry with this coordination, you get to think about moving logistics, paint colors, carpet, and the details involved in getting a new house.
You've answered a few questions, provided lots of information, applied online, and Before you know it, you're moving in! We do the mortgage legwork 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!