An Overview of the Mortgage Loan Process
There's a lot involved in oder to get a mortgage. You would not be looking up loan information if it were possible to get a loan in a single day by filling out 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 home loan involves four major steps.
Step one: Decide how much you can afford
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? 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. 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: complete a pre-qualification
This step is where Executive Lending Group, LLC will start saving you money. You will supply information on your employment, your assets, and residence history. You'll provide information on your employment, asset, and residence history. We will get your credit report and score (with your permission, of course). After we've finished reviewing the provided information, we'll provide you with a pre-qualificaiton letter. Be careful with this letter — it is a useful tool when you make your offer! Your real estate agent will use your pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for a new home with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
Once you've made an offer and it's been accepted, you should apply for the loan. Applying for your loan couldn't get much easier; you can apply right here on our site. When the time is right, we will order an appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will coordinate to designate an escrow/title company to take care of the funding of your loan. We'll work with this company to ensure all the papers your lender requires 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 closing date. Because you don't have to worry about these details, you get to concentrate on the move, paint colors, carpet, and all the details of moving into a new home.
You've answered a few questions, given us detailed information, applied online, and Before you know it, you're moving in! 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 & (81. We answer questions about the loan process every day.