How the Loan Process Works
Make no mistake, there's a lot to do when you get a mortgage loan. You wouldn't be visiting our site if you could fill out a simple loan app and get a great loan funded in one day. But Executive Lending Group does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a loan involves four major steps.
Step one: determine how much you can borrow
A couple of factors determine this amount. How much of a monthly payment can you afford? 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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 step is where Executive Lending Group can start saving you money. You will provide details about your current job, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We pull your credit score and report. We'll review all this information and will give you a pre-qualification letter. Handle it with care — it can be a useful tool when you make your offer! Your agent should use your 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 picking out your new home, we're busy finding the loan program that's just right for you.
Once you have made the offer and the sellers accept it, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our website. After the offer has been accepted and you have applied for your loan, we'll order a professional appraisal on the home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll coordinate with this company to ensure the papers your lender will require are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe work with with the title company on your date to close. Since you will not have to worry with this coordination, you get to concentrate on the move, if you're going to repaint, new carpet, and the fun parts of moving into a new home.
You've answered some few questions, given us detailed information, applied , and Before you know it, you'll be moving! Executive Lending Group is a mortgage specialist; you're not — so take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call Executive Lending Group at 4056158543. We answer questions about the loan process every day.