An Overview of the Mortgage Loan Process
No doubt, a lot involved in oder to get a mortgage loan. You would not be looking up loan information if it were possible to get a mortgage loan in one day with a simple application. But Executive Lending Group, LLC does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important steps involved in obtaining a mortgage loan.
Step one: Decide how much you can afford
This is a function of a couple things. 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 you save the most money. You will give us info about your current job, your assets, and residence history. You'll provide information on your employment, asset, and residence history. We run your credit score and report. When we review all this information we give you a letter of pre-qualification. Your agent will use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're looking for your new house with your real estate agent, we find the best program for you.
Once you've made the offer and it's been accepted, it's time to complete the loan application. Applying for your loan couldn't be much easier; you can apply online right here on our site. After the seller has accepted your offer and you have applied for your loan, we will order a professional appraisal on the home.
Step four: funding
The real estate agents will find a title company to handle the "funding" and closing. We'll coordinate with this company to ensure the papers your lender will need are avaiailable, and you will probably}likely sign all these papers at their officeWe do all the work to work with with the title company to set your date to close. Because you will not need to coordinate this process, you get to concentrate on moving, painting, new carpet, and all the details of getting your new house.
You've answered a few questions, given us lots of information, applied online, and Before you know it, you're moving! Executive Lending Group, LLC 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, LLC at (816) 525-8000. It's our job to answer lending questions, so we're happy to help!