The Mortgage Loan Process: an Overview
There's no doubt ; getting a mortgage is a complex process. You wouldn't be researching mortgage loans if it were possible to get a loan in one day by filling out a simple application. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
There are four important steps involved in getting a mortgage loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. How much of a monthly payment can you afford? What is the maximum you can borrow from a lender, given your income and credit history? Use the calculators on our website to determine your monthly payment amount. We'll also help you through different scenarios by asking a few simple questions. 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: pre-qualify for your loan
This is where Executive Lending Group, LLC will start to save you money. You will give us details on your current job, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission, of course). After we have reviewed all this info we give you a letter of pre-qualification. With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're looking for a new home with your agent, we find the best program for you.
Step three: apply now! We make it easy
Once you've made an offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan couldn't be much easier; you can apply any time right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" and closing of the sale. We'll coordinate with this company to make sure all the papers your lender will require are avaiailable, and you will probably}likely sign everything at their officeWe do all the work to work with with this company on your closing date. Since you will not need to worry about these details, you can concentrate on moving, paint colors, carpet, and all the details of moving into a new home.
You've answered a few questions, given us lots of information, applied , and Before you know it, you'll be moving! We take care of all the loan details so you can focus on finding the new home that's right for you.
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.