The Mortgage Loan Process: an Overview
Make no mistake, there's a lot involved when you get a mortgage loan. You wouldn't be researching mortgage loans if it were possible to get a loan in a single day by filling out a simple application. But Executive Lending Group does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in obtaining a loan.
Step one: Decide on your maximum loan amount
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 begin to save you money. You will provide information about your employment, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we've reviewed your information, we'll provide you with a pre-qualificaiton letter. Be careful with this letter — it is a useful tool for buying your new home! Your REALTOR® will use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're deciding on your new home, we are looking for the loan that best fits your needs.
Once you have made an offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our website. When the time is right, we will order an appraisal of your new home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" and closing. We'll coordinate with this company to make sure the papers your lender needs are avaiailable, and you'll probably}likely sign everything at this company's officeWe do all the work to work with with this company on your date to close. Since you won't need to worry about these details, you get to concentrate on moving, paint colors, new carpet, and the fun parts of moving into your new house.
You've answered some few questions, given us lots of information, applied online, and before you know it, you are moving in! We take care of the mortgage 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. Executive Lending Group answers loan process questions every day.