The Mortgage Loan Process: an Overview

Make no mistake, there's quite a lot involved in oder to get a mortgage loan. You wouldn't be here on our site if it were possible to fill out a one-page loan app and get a great 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 obtaining a mortgage 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. 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 Executive Lending Group can really save you money. You will provide information on your current job, your assets, and residence history. You'll supply information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission. When we review this information we will provide a letter of pre-qualification. Be careful with this letter — it can be a useful tool for buying your new home! Your REALTOR® will use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for a 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 the offer and the sellers have accepted, you should complete the loan application. It's very easy, and you can do it online, right here on our website. When the time is right, we will order the appraisal of your new home.

Step four: your loan is funded

The agents will find a title company to handle the "funding" and closing. We'll coordinate with this company to make sure all the papers your lender needs are avaiailable, and you'll probably}likely sign everything at this company's officeWe coordinate with the title company to set your date to close. Because you don't have to worry with this coordination, you can think about moving, painting, carpet, and all the details of getting a new home.

You've answered some few questions, given us lots of information, applied , and the next thing you know, you're moving in! We take care of the legwork so you can spend your time finding the new home that's right for you.

Have questions about the loan process? Call Executive Lending Group at 4056158543. Executive Lending Group answers loan process questions every day.