The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
Make no mistake, there's a lot to do when you get a mortgage loan. You wouldn't be here on our site if it were possible to complete a simple loan app and get an excellent loan funded the same day. But Executive Lending Group 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? 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. 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 step is where Executive Lending Group can start to save you money. You will supply information on your current job, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We get your permission to run your credit score and report. After we've finished reviewing this information, we'll provide you with a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for your new home, we are finding the best loan for you.
After you've made an offer and the sellers accept it, you should apply for the loan. It's very easy, and you can apply online, right here on our website. At the end of this step, we'll order the appraisal of your new 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 make sure the papers your lender requires are in order, and you will probably}likely sign all these papers at this company's officeWe coordinate with this company on your date to close. Because you will not have to worry about these details, you get to think about moving, painting, new carpet, and all the details of getting your new home.
You've answered some few questions, provided detailed information, applied , and Before you know it, you're moving! We take care of all the loan details so you can focus on finding your new home.
Have questions about the loan process? Call Executive Lending Group at 4056158543. Executive Lending Group answers loan process questions every day.