The Mortgage Loan Process: an Overview
Make no mistake, there's a lot involved in oder to get a mortgage loan. You wouldn't be looking up loan information if it were possible to get a mortgage loan in a single 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 mortgage 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? What is the maximum you can borrow from a lender, given your income and credit history? 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: complete a pre-qualification
This step is where Executive Lending Group will start saving you money. You will give us information on your employment, your assets, and residence history. You'll provide 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 this information, we'll provide you with a pre-qualificaiton letter. Handle it with care — it can be a great tool for buying your new home! With this letter, your REALTOR® 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 finding the best loan for you.
After you've signed an offer and the sellers have accepted, you should apply for the loan. Applying for a loan couldn't get much easier; you can apply online right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll coordinate with this company to ensure the papers your lender needs are in order, and you will probably}likely sign all these papers at their officeWe do all the work to work with with this company on your date of closing. Because you don't need to worry with this coordination, you get to think about the move, if you're going to repaint, carpet, and the details involved in moving into your new house.
You've answered some few questions, given us lots of information, applied , and the next thing you know, you are moving in! We do the mortgage legwork so you can focus on finding your new home.
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!