An Overview of the Mortgage Loan Process
Make no mistake, there's a lot to do when you get a mortgage. You would not be looking up loan information if you could get a mortgage loan in a single day by filling out a simple application. 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 steps.
Step one: Decide on your maximum loan amount
This is a function of a couple things. 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? 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. 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 Executive Lending Group will start saving you money. You will give us information about your employment, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We get your permission to run your credit score and report. After we've finished reviewing the provided information, we'll give you 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 shopping for your new home with your real estate agent, we find the best program for you.
Once you have signed an offer and the sellers have accepted, you should apply for the loan. Applying for your loan could not be much easier; you can apply any time right here on our site. Finally, we will order an appraisal of your new home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" and closing of the sale. We'll work with this company to make sure all the papers your lender will need are in order, and you will probably}likely sign everything at their officeWe coordinate with this company to set your date to close. Since you don't need to coordinate this process, you can concentrate on moving, if you're going to repaint, new carpet, and the fun parts of moving into a new home.
You've answered some few questions, provided lots of information, applied online, and the next thing you know, you're 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. We answer questions about the loan process every day.