The Loan Process: an Overview
No doubt, a lot involved when you get a mortgage. You wouldn't be visiting our site if it were possible to complete a one-page loan app and get an excellent loan funded 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.
Getting a home loan involves four major steps.
Step one: determine how much you can borrow
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. Because lender guidelines are fairly standard, we can give you a good idea of how much you can borrow after a short conversation.
Step two: complete a pre-qualification
This is where the process really begins and you save the most money. You will give us information on your current job, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). We'll go over this info and provide a letter of pre-qualification. 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 are looking for the best loan 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 do it online, right here on our site. At the end of this step, we will order the appraisal of your new home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to ensure all the papers your lender requires are in order, and you'll probably}likely sign everything at their officeWe coordinate with this company on your closing date. Since you will not need to worry with this coordination, you can think about moving, if you're going to repaint, new carpet, and the fun parts of moving into your new home.
You've answered some few questions, provided lots of information, applied , and Before you know it, you're moving! Executive Lending Group is in the business of loans; you're not — so take care of the details. Doesn't that sound nice?
Have questions about the loan process? Call Executive Lending Group at (405) 615-8543. We answer questions about the loan process every day.