How the Mortgage Loan Process Works

Make no mistake, there's a lot to do in oder to get a mortgage loan. You would not be researching mortgage loans if you could get a loan in one day by filling out 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 primary steps involved in obtaining a loan.

Step one: determine how much you can borrow

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? Use the calculators on our website to determine your monthly payment amount. 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: complete a pre-qualification

This is where Executive Lending Group will start to save you money. You will supply details on your current job, assets, and residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (with your permission. When we review this information we provide a pre-qualification letter. Be careful with this letter — it can be a useful tool for buying your new home! Your agent should use the pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're deciding on your new home, we are researching the best loan for you.

Step three: apply now! We make it easy

Once you have made an offer and the sellers accept it, it's time to apply for the loan. It's very easy, and you can do it online, right here on our site. At the end of this step, we will order an appraisal of your new home.

Step four: your loan is funded

Your real estate agent and the seller's will coordinate to find a title company to take care of the funding of your loan. We'll coordinate with this company to ensure all the papers your lender requires are in order, and you'll probably}likely sign all these papers at their officeWe do all the work to work with with the title company on your date to close. Because you won't need to worry with this coordination, you get to think about the move, painting, carpet, and all the details of getting a new home.

You've answered a few questions, given us detailed information, applied online, and Before you know it, you'll be moving in! We do the legwork so you can focus on finding the new home that's right for you.

Have questions about the loan process? Call Executive Lending Group at 4056158543. It's our job to answer lending questions, so we're happy to help!