How the Loan Process Works
There can be little doubt that getting a mortgage is a complex process. You wouldn't be looking up loan information if it were possible to get a loan in one day by filling out a simple application. 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.
Getting a loan involves four major milestones.
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. 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 is where the rubber meets the road and Executive Lending Group can really save you money. You will give us information about your employment, assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission. After we've finished reviewing the provided information, we'll give you a pre-qualificaiton letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're picking out the home that's right for you, 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. Applying for a loan could not be much easier; you can apply right here on our site. After the offer has been accepted and you have applied for your loan, we will order the professional appraisal on the home.
Step four: funding
The real estate agents will find a title company to handle the "funding" and closing. We'll work with this company to make sure all 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 to set your closing date. Since you will not need to coordinate this process, you can think about moving, paint colors, new carpet, and the fun parts of moving into your new house.
You've answered a few questions, provided detailed information, applied , and Before you know it, you'll be moving! Executive Lending Group is in the business of loans; you're not — so we do the work. Makes sense, doesn't it??
Have questions about the loan process? Call Executive Lending Group at 4056158543. Executive Lending Group answers loan process questions every day.