The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
No doubt, quite a lot involved when you get a mortgage loan. You would not be researching mortgage loans if it were possible to get a mortgage loan in a single day by filling out 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 primary steps involved in obtaining a loan.
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? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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: complete a pre-qualification
This is where the rubber meets the road and Executive Lending Group can really save you money. You will give us info about your employment, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We run your credit score and report. We'll review all this information and will provide a pre-qualification letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for your new home with your REALTOR™, we find the best program for you.
After you've signed an offer and the sellers accept it, you should apply for the loan. Applying for your loan couldn't be much easier; you can apply from the comfort of your home right here on our site. At the end of this step, we'll order an appraisal of your new home.
Step four: funding
The agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to ensure the papers your lender requires are in order, and you will probably}likely sign all these papers at this company's officeWe do all the work to coordinate with the title company on your closing date. Since you won't have to worry with this coordination, you can think about moving, painting, new carpet, and all the details of getting a new house.
You've answered some few questions, provided detailed information, applied , and Before you know it, you'll be moving in! Executive Lending Group is in the business of loans; you're not — so take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Executive Lending Group at 4056158543. We answer questions about the loan process every day.