The Mortgage Loan Process: an Overview
Make no mistake, there's a lot involved when you get a mortgage. You would not be looking up loan information if it were possible to get a mortgage loan in one day with 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.
There are four primary steps involved in getting a mortgage loan.
Step one: Decide on your maximum loan amount
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. 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 can start to save you money. You will supply details on your current job, your assets, and residence history. You'll provide your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we've finished reviewing this information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it can be a great tool for buying your new home! Your REALTOR® should 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 looking for your new house with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
Once you've made an offer and the sellers have accepted, it's time to complete the loan application. It couldn't be easier, and you can apply 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 real estate agents will find an escrow/title company to handle the "funding" and closing. We'll coordinate with this company to ensure all the papers your lender will need are in order, and you'll probably}likely sign everything at their officeWe do all the work to work with with this company to set your date of closing. Because you don't have to worry with this coordination, you get to concentrate on moving logistics, paint colors, carpet, and all the details of moving into your new home.
You've answered a few questions, provided detailed information, applied online, and the next thing you know, you're deciding when to move in! Executive Lending Group is a mortgage specialist; you're not — so we take care of the details. Doesn't that sound nice?
Have questions about the loan process? Call Executive Lending Group at 4056158543. We answer questions about the loan process every day.