An Overview of the Mortgage Loan Process
There's no doubt ; getting a mortgage loan is a complex process. You would not be looking up loan information if it were possible to get a mortgage loan in a single day by filling out a simple application. But Executive Lending Group, LLC does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in getting a mortgage 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. We'll also help you through different scenarios by asking a few simple questions. 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 step is where Executive Lending Group, LLC will begin to save you money. You will provide details on your current job, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission. We will go over all this information and will provide a pre-qualification letter. Be careful with this letter — it can be a great tool for buying your new home! Your agent will use your pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're looking for a new home with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
Once you have made the offer and it's been accepted, you should complete the loan application. It couldn't be easier, and you can apply online, right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will work together to decide on a title company to take care of the funding of your loan. We'll work with this company to make sure the papers your lender will need are in order, and you'll probably}likely sign everything at this company's officeWe coordinate with the title company to set your date to close. Since you will not have to worry about these details, you can think about moving, painting, new carpet, and all the details of getting your new house.
You've answered some few questions, given us detailed information, applied , and the next thing you know, you're deciding when to move in! Executive Lending Group, LLC is in the business of loans; 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. Executive Lending Group, LLC answers loan process questions every day.