The Mortgage Loan Process: an Overview
No doubt, a lot to do in oder to get a mortgage loan. You wouldn't be researching mortgage loans if you could get a loan in a single day with 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 obtaining a 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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 can begin saving you money. You will supply details about your current job, assets, and your residence history. You'll give us your employment, asset, and residence history information. We get your permission to run your credit score and report. We'll review all this info then will provide a letter of pre-qualification. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're looking for your new home with your REALTOR™, we find the best program for you.
Once you have made the offer and it's been accepted, it's time to complete the loan application. It's very easy, and you can apply online, right here on our website. When the time is right, we will order the appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will coordinate to designate a title company to handle the funding of your loan. We'll work with this company to make sure all the papers your lender will require are in order, and you'll probably}likely sign everything at this company's officeWe coordinate with this company to set your date to close. Since you don't need to coordinate this process, you can concentrate on moving, painting, carpet, and the details involved in getting your new home.
You've answered a few questions, provided lots of information, applied , and Before you know it, you're moving! 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 (816) 525-8000. We answer questions about the loan process every day.