About the Mortgage Loan Process
No doubt, a lot to do when you get a mortgage. You wouldn't be looking up loan information if you could get a loan in one day with a simple application. But Executive Lending Group does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four primary steps involved in obtaining a mortgage loan.
Step one: Decide how much you can afford
A couple of factors determine this amount. 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? You can get a good idea of your preferred payment abount using the calculators on our website. We'll also help you through different scenarios by asking a few simple questions. 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 the rubber meets the road and you save the most money. You will provide info about your employment, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We run your credit score and report. We will review all this information then provide a letter of pre-qualification. Your real estate agent will use the pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're deciding on 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, you should complete the loan application. It couldn't be easier, and you can apply online, right here on our website. After the offer has been accepted and you have applied for your loan, we will order a professional appraisal on the 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 ensure the papers your lender will need are in order, and you'll probably}likely sign all these papers at their officeWe work with with this company to set your closing date. Since you will not need to coordinate this process, you can think about moving logistics, if you're going to repaint, carpet, and the fun parts of getting a new home.
You've answered some few questions, given us detailed information, applied online, and Before you know it, you're moving in! Executive Lending Group is in the business of mortgage loans; you're not — so take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Executive Lending Group at 4056158543. It's our job to answer lending questions, so we're happy to help!