An Overview of the Loan Process
There's no doubt that getting a mortgage loan is a complicated process. You wouldn't be visiting our site if you could complete a one-page application and receive a great loan check cut the same 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 important steps involved in obtaining a loan.
Step one: determine how much you can borrow
This is a function of a couple things. How much of a monthly payment can you afford? What is the maximum you can borrow from a lender, given your income and credit history? 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. 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 Executive Lending Group will start to save you money. You will supply details about your current job, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission, of course). After we've reviewed this information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it is a useful tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're deciding on your new home, we're busy researching the loan program that's right for your situation.
Step three: apply now! We make it easy
Once you have made the offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can do it online, right here on our website. Finally, we will 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" of the loan and closing of the sale. We'll work with this company to make sure all the papers your lender needs are in order, and you'll probably}likely sign everything at this company's officeWe do all the work to work with with this company on your date of closing. Because you will not have to worry about these details, you get to concentrate on moving, if you're going to repaint, carpet, and the fun parts of moving into your new house.
You've answered some few questions, provided lots of information, applied , and the next thing you know, you're moving in! We take care of the mortgage legwork so you can spend your time finding your new home.
Have questions about the loan process? Call Executive Lending Group at 4056158543. We answer questions about the loan process every day.