The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
There's no question ; getting a mortgage loan is a complicated process. You would not be researching mortgage loans if you could 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.
There are four main steps involved in getting a mortgage loan.
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. 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 employment, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We pull your credit score and report. We'll review this info and will give you a letter of pre-qualification. Handle it with care — it can be a useful tool when you make your offer! Your agent will likely use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're deciding on the home that's right for you, we are finding the best loan for you.
Step three: apply now! We make it easy
Once you have made an offer and it's been accepted, it's time to complete the loan application. Applying for your loan could not get much easier; you can apply from the comfort of your home right here on our site. Finally, we'll order the appraisal of your new home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to ensure all the papers your lender will require are avaiailable, and you will probably}likely sign all these papers at this company's officeWe work with with the title company on your date to close. Since you will not have to worry with this coordination, you get to concentrate on the move, if you're going to repaint, carpet, and the details involved in getting your new home.
You've answered some few questions, given us detailed information, applied , and the next thing you know, you are deciding when to move in! We take care of all the loan details 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. It's our job to answer lending questions, so we're happy to help!