An Overview of the Mortgage Loan Process
No doubt, a lot involved when you get a mortgage loan. You wouldn't be researching mortgage loans if it were possible to get a mortgage loan in a single day with 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 loan involves four major steps.
Step one: determine how much you can borrow
A couple of factors determine this amount. What kind of monthly payment are you looking for? 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: pre-qualify for your loan
This is where the process really begins and Executive Lending Group, LLC can really save you money. You will give us info about your employment, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We get your permission to run your credit score and report. After we've reviewed this information, we'll give you a pre-qualificaiton letter. Handle it with care — it is a useful tool for buying your new home! Your real estate agent should use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for a new house with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
After you've signed the offer and the sellers have accepted, it's time to apply for the loan. It's very easy, and you can do it online, right here on our site. At the end of this step, we will order the appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to designate a title company to handle the funding of your loan. We'll work with this company to make sure all the papers your lender requires are in order, and you'll probably}likely sign everything at their officeWe do all the work to coordinate with this company to set your closing date. Since you will not have to coordinate this process, you get to think about moving, paint colors, new carpet, and the details involved in getting your new home.
You've answered a few questions, given us lots of information, applied online, and the next thing you know, you are deciding when to move in! Executive Lending Group, LLC is in the business of mortgage loans; you're not — so take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call Executive Lending Group, LLC at (816) 525-8000 & (81. Executive Lending Group, LLC answers loan process questions every day.