The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
There's a lot to do in oder to get a mortgage loan. You would not be looking up loan information if you could get a mortgage loan in one day with a simple application. 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.
There are four important steps involved in getting a mortgage loan.
Step one: Decide on your maximum loan amount
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. 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: pre-qualify for your loan
This step is where Executive Lending Group can begin to save you money. You will provide info on your employment, 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 finished reviewing your information, we'll provide a pre-qualificaiton letter. Handle it with care — it is a useful tool when you make your offer! Your agent should use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for the home that's right for you, we're busy researching the loan program that's just right for you.
Once you have made the offer and it's been accepted, it's time to complete the loan application. It couldn't be easier, 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
Your REALTOR® and the seller's will work together to find a title company to handle the funding of your loan. We'll coordinate with this company to make sure all the papers your lender needs are avaiailable, and you'll probably}likely sign everything at this company's officeWe do all the work to coordinate with this company to set your date of closing. Because you don't need to worry about these details, you can concentrate on moving logistics, if you're going to repaint, new carpet, and the fun parts of moving into a new home.
You've answered a few questions, given us detailed information, applied online, and the next thing you know, you are moving in! We take care of all 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. We answer questions about the loan process every day.