An Overview of the Mortgage Loan Process
No doubt, a lot to do in oder to get a mortgage. You wouldn't be visiting our site if you could complete a simple loan app and get the best loan check cut in one day. But Executive Lending Group, LLC does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in getting a mortgage loan.
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? Use the calculators on our website to determine your monthly payment amount. 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: pre-qualify for your loan
This is where Executive Lending Group, LLC can start to save you money. You will give us details about your current job, assets, and residence history. You'll provide 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. Handle it with care — it is a useful tool for buying your new home! Your agent should 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're busy finding the loan program that's just right for your situation.
Step three: apply now! We make it easy
After you've signed an offer and the sellers accept it, you should apply for the loan. Applying for your loan couldn't get much easier; you can apply from the comfort of your home right here on our site. After the seller has accepted your offer 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 work with this company to make sure the papers your lender will require are avaiailable, and you'll probably}likely sign everything at this company's officeWe coordinate with the title company to set your closing date. Since you don't have to worry with this coordination, you can concentrate on moving logistics, if you're going to repaint, carpet, and the fun parts of getting a new house.
You've answered some few questions, provided detailed information, applied , and the next thing you know, you are moving in! Executive Lending Group, LLC is in the business of mortgage loans; 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 & (81. We answer questions about the loan process every day.