The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
There's little doubt that getting a mortgage is a complex process. You would not be looking up loan information if it were possible to get a loan in a single day by filling out 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.
Getting a loan involves four major milestones.
Step one: Decide how much you can afford
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? 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 give us details on your current job, your assets, and 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 finished reviewing the provided information, we'll provide you with a pre-qualificaiton letter. Handle it with care — it can be a useful tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're picking out the home that's right for you, we are researching the loan that best fits your needs.
Once you've made an offer and it's been accepted, you should complete the loan application. Applying for a loan could not get much easier; you can apply from the comfort of your home right here on our site. After the offer has been accepted and you have applied for your loan, we'll order a professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" and closing. We'll coordinate with this company to ensure the papers your lender requires are avaiailable, and you will probably}likely sign everything at their officeWe coordinate with this company on your closing date. Since you will not need to coordinate this process, you get to think about moving logistics, painting, carpet, and all the details of moving into a new home.
You've answered some few questions, provided detailed information, applied online, and Before you know it, you're moving in! Executive Lending Group, LLC is in the business of loans; you're not — so we take care of the details. Makes sense, doesn't it??
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!