How the Mortgage Loan Process Works
No doubt, quite a lot involved when you get a mortgage. You wouldn't be here on our website if it were possible to fill out a simple loan app and receive a great loan check cut the same day. 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 mortgage loan involves four major milestones.
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? 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. 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 the process really begins and you save the most money. You will provide info about your current job, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (with your permission, of course). After we've finished reviewing this 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! With this letter, your real estate agent will negotiate the best deal for your new home. While you're picking out your new home, we are finding the best loan program for you.
Once you've made the offer and it's been accepted, you should apply for the loan. Applying for your loan couldn't be much easier; you can apply any time right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order a professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to find an escrow/title company to take care of the funding of your loan. We'll work with this company to ensure the papers your lender needs are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe do all the work to coordinate with the title company to set your date of closing. Because you won't need to coordinate this process, you get to concentrate on moving, if you're going to repaint, new carpet, and the fun parts of getting your new home.
You've answered a few questions, provided lots of information, applied online, and Before you know it, you'll be moving in! Executive Lending Group is a mortgage specialist; you're not — so we take care of the details. Doesn't that sound nice?
Have questions about the loan process? Call Executive Lending Group at 4056158543. We answer questions about the loan process every day.