How the Mortgage Loan Process Works
There's little question ; getting a mortgage loan is a complicated process. You wouldn't be looking up loan information if you could 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 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? 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: pre-qualify for your loan
This is where the rubber meets the road and you save the most money. You will give us details on your current job, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We pull your credit score and report. After we've reviewed the provided information, we'll provide a pre-qualificaiton letter. Handle it with care — it is a great tool for buying your new home! Your real estate agent will use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're picking out your new home, we are researching the best loan program for you.
Once you have made the offer and the sellers have accepted, you should complete the loan application. It couldn't be easier, and you can do it online, right here on our website. After the seller has accepted your offer and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will coordinate to find a title company to handle the funding of your loan once it has been approved. We'll coordinate with this company to make sure all the papers your lender requires are in order, and you'll probably}likely sign everything at this company's officeWe coordinate with this company on your date of closing. Because you don't have to worry with this coordination, you get to concentrate on the move, if you're going to repaint, carpet, and the fun parts of getting a new home.
You've answered a few questions, provided detailed information, applied online, and before you know it, you are moving in! We take care of the loan details so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Executive Lending Group at 4056158543. Executive Lending Group answers loan process questions every day.