The Loan Process: an Overview

Make no mistake, there's a lot involved in oder to get a mortgage. You wouldn't be visiting our site if you could complete a one-page loan app and get the best loan check cut in one day. 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 main steps involved in obtaining a mortgage loan.

Step one: Decide on your maximum loan amount

This is a function of a couple things. What kind of monthly payment are you looking for? What is the maximum you can borrow from a lender, given your income and credit history? 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. 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: complete a pre-qualification

This is where the process really begins and you save the most money. You will provide info on your current job, assets, and residence history. You'll provide your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission, of course). After we've reviewed this information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it is a great tool for buying your new home! Your REALTOR® 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 deciding on the home that's right for you, we're busy researching the loan that's right for you.

Step three: apply now! We make it easy

After you've made the offer and the sellers accept it, you should 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'll order the appraisal of your new home.

Step four: your loan is funded

Your real estate agent and the seller's will coordinate to decide on a title company to handle the funding of your loan once it has been approved. We'll coordinate with this company to ensure all the papers your lender will need are avaiailable, and you'll probably}likely sign everything at their officeWe work with with this company on your closing date. Because you will not have to coordinate this process, you get to concentrate on moving, painting, carpet, and the details involved in moving into a new home.

You've answered some few questions, provided detailed information, applied , and Before you know it, you'll be moving! We do the legwork so you can spend your time finding the new home that's right for you.

Have questions about the loan process? Call Executive Lending Group, LLC at 8165258000. We answer questions about the loan process every day.