The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
There can be little doubt ; getting a mortgage loan is a complex process. You wouldn't be here on our website if you could fill out a one-page mortgage application and receive an excellent loan check cut in one day. But Executive Lending Group, LLC does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major milestones.
Step one: determine how much you can borrow
This is a function of a couple things. 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? You can get a good idea of your preferred payment abount using the calculators on our website. 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 details about your current job, assets, and residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). After we've reviewed this information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it can be a useful tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for your new home with your real estate agent, we find the best program for you.
After you've signed the offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan couldn't be much easier; you can apply online right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will work together to find an escrow/title company to take care of the funding of your loan once it has been approved. 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 their officeWe do all the work to coordinate with this company to set your date to close. Since you won't have to worry about these details, you can concentrate on the move, painting, new carpet, and all the details of getting a new house.
You've answered a few questions, given us lots of information, applied online, and Before you know it, you'll be moving! We do the mortgage legwork 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 8165258000. We answer questions about the loan process every day.