The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
Make no mistake, there's a lot to do when you get a mortgage loan. You wouldn't be here on our site if it were possible to fill out a simple loan app and receive the best loan funded in one day. 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.
Getting a loan involves four major milestones.
Step one: determine how much you can borrow
A couple of factors determine this amount. How much of a monthly payment can you afford? 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: pre-qualify for your loan
This step is where Executive Lending Group can start saving you money. You will supply info about your current job, assets, and residence history. You'll supply information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission, of course). After we've finished reviewing your information, we'll provide a pre-qualificaiton letter. 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 picking out your new home, we are looking for the loan that best fits your needs.
Once you have made the offer and the sellers have accepted, it's time to complete the loan application. Applying for your loan could not be much easier; you can apply right here on our site. After the offer has been accepted and you have applied for your loan, we'll order a professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will coordinate to designate a title company to take care of the funding of your loan. We'll coordinate with this company to make sure the papers your lender will need are avaiailable, and you will probably}likely sign everything at their officeWe do all the work to coordinate with the title company to set your date of closing. Because you will not need to worry with this coordination, you get to concentrate on moving logistics, if you're going to repaint, new carpet, and the fun parts of getting a new house.
You've answered a few questions, given us lots of information, applied , and the next thing you know, you are moving in! We take care of the mortgage 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.