How the Loan Process Works
Make no mistake, there's quite a lot involved in oder to get a mortgage loan. You would not be researching mortgage loans if it were possible to get a loan in a single day by filling out a simple application. But Executive Lending Group does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major milestones.
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? 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 step is where Executive Lending Group will start to save you money. You will supply details about your current job, assets, and your residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission, of course). We'll review all this info and will provide a pre-qualification letter. Be careful with this letter — it can be a great tool when you make your offer! Your real estate agent will likely use your pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're picking out your new home, we are finding the best loan program for you.
Step three: apply now! We make it easy
Once you have made an offer and the sellers have accepted, it's time to complete the loan application. It's very easy, and you can apply online, right here on our site. Finally, we will order an appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will work together to decide on an escrow/title company to take care of the funding of your loan. We'll coordinate with this company to ensure all the papers your lender requires are in order, and you will probably}likely sign all these papers at this company's officeWe work with with the title company to set your date of closing. Since you don't need to coordinate this process, you can think about the move, if you're going to repaint, new carpet, and the details involved in getting your new home.
You've answered some few questions, given us lots of information, applied , and Before you know it, you'll be moving! We take care of the 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.