The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps

There can be no doubt that getting a mortgage is a complex process. You wouldn't be here on our website if you could fill out a simple application and receive the best loan check cut in one day. 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 main steps involved in getting a loan.

Step one: Decide how much you can afford

This is a function of a couple things. 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: pre-qualify for your loan

This is where the rubber meets the road and you save the most money. You will supply info about 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 have reviewed this info we give you a pre-qualification letter. Handle it with care — it is a useful tool for buying your new home! 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 looking for your new home with your real estate agent, we find the best program for you.

Step three: apply now! We make it easy

Once you have made an offer and it's been accepted, it's time to apply for the loan. 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 applied for your loan, we will order a professional appraisal on the home.

Step four: funding

Your real estate agent and the seller's will work together to find a title company to handle the funding of your loan once it has been approved. We'll coordinate with this company to ensure all the papers your lender needs are in order, and you'll probably}likely sign all these papers at their officeWe do all the work to coordinate with this company on your date of closing. Because you won't have to worry with this coordination, you can concentrate on the move, paint colors, new carpet, and the fun parts of moving into a new house.

You've answered some few questions, given us lots of information, applied , and Before you know it, you'll be moving! We do the mortgage legwork 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.