How the Mortgage Loan Process Works
No doubt, a lot involved when you get a mortgage. You would not be looking up loan information if it were possible to get a mortgage loan in one 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.
Getting a home 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. 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, LLC will begin saving you money. You will supply information on your current job, assets, and residence history. You'll supply information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission. After we've reviewed this information, we'll provide you with a pre-qualificaiton letter. Handle it with care — it is a great tool when you make your offer! Your real estate agent will likely use the 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 shopping for the home that's right for you, we are looking for the loan that best fits your needs.
Step three: apply now! We make it easy
Once you have signed an offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can apply online, right here on our site. At the end of this step, we'll order the appraisal of your new home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll work with this company to make sure the papers your lender will need are avaiailable, and you'll probably}likely sign all these papers at their officeWe coordinate with the title company on your date of closing. Because you won't have to worry about these details, you can concentrate on moving logistics, if you're going to repaint, new carpet, and the fun parts of getting a new house.
You've answered some few questions, provided detailed information, applied , and before you know it, you are moving in! Executive Lending Group, LLC is a mortgage specialist; you're not — so take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Executive Lending Group, LLC at (816) 525-8000. It's our job to answer lending questions, so we're happy to help!