The Loan Process: an Overview
There's quite a lot to do when you get a mortgage. You wouldn't be visiting our site if you could complete a one-page loan app and receive the best loan funded 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 primary steps involved in obtaining a loan.
Step one: determine how much you can borrow
This is a function of a couple things. 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. 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 is where the process really begins and Executive Lending Group, LLC can really save you money. You will provide info on your current job, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We get your permission to pull your credit score and report. After we've reviewed the provided information, we'll give you a pre-qualificaiton letter. Your agent will likely use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for a new house with your agent, we find the best program for you.
Step three: apply now! We make it easy
Once you've made an offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan couldn't be much easier; you can apply right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order a professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will work together to find an escrow/title company to take care of the funding of your loan once it's approved. We'll work with this company to ensure the papers your lender needs are in order, and you will probably}likely sign everything at this company's officeWe do all the work to coordinate with the title company on your date of closing. Since you will not need to worry with this coordination, you can concentrate on moving logistics, paint colors, new carpet, and the fun parts of getting a new home.
You've answered some few questions, provided lots of information, applied online, and before you know it, you're deciding when to move in! We take care of the loan details so you can focus on finding the new home that's right for you.
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.