An Overview of the Mortgage Loan Process
There's little question that getting a mortgage loan is a complicated process. You wouldn't be visiting our website if you could complete a simple loan app and get a great loan check cut the same 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 important steps involved in obtaining a 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? 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. 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 step is where Executive Lending Group, LLC can begin to save you money. You will supply info about your current job, your assets, and residence history. You'll supply your employment, asset, and residence history information. We will pull get your credit report and score (with your permission. After we have reviewed this information we give you a pre-qualification letter. 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 shopping for the home that's right for you, we are looking for the best loan for you.
After you've signed an offer and the sellers accept it, you should apply for the loan. Applying for a loan couldn't get 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'll order a professional appraisal on the home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll work with this company to ensure all the papers your lender will need are avaiailable, and you'll probably}likely sign everything at this company's officeWe do all the work to work with with the title company on your date of closing. Because you will not have to worry with this coordination, you can think about the move, if you're going to repaint, new carpet, and the fun parts of moving into a new house.
You've answered a few questions, provided detailed information, applied online, and before you know it, you're deciding when to move in! Executive Lending Group, LLC is in the business of mortgage loans; you're not — so we do the work. Doesn't that make sense?
Have questions about the loan process? Call Executive Lending Group, LLC at 8165258000. We answer questions about the loan process every day.