The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
There is no doubt that getting a mortgage loan is a complex process. You wouldn't be visiting our website if you could complete a simple loan app and receive a great loan check cut in one day. 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.
There are four primary steps involved in getting a 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? 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: complete a pre-qualification
This is where Executive Lending Group, LLC can start to save you money. You will give us details on your current job, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (with your permission, of course). After we've finished reviewing the provided information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it is a useful tool for buying your new home! Your REALTOR® will likely use your pre-qual (as they may call it) in order 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 the sellers have accepted, it's time to apply for the loan. Applying for a loan could not be much easier; you can apply any time right here on our site. After the seller has accepted your offer and you have applied for your loan, we will order a professional appraisal on the home.
Step four: funding
The agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to ensure all the papers your lender requires are avaiailable, and you'll probably}likely sign everything at their officeWe do all the work to work with with this company to set your closing date. Because you will not need to worry about these details, you get to concentrate on moving, painting, new carpet, and all the details of moving into your new home.
You've answered some few questions, provided lots of information, applied online, and the next thing you know, you're moving in! Executive Lending Group, LLC is a mortgage specialist; you're not — so we take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Executive Lending Group, LLC at (816) 525-8000. We answer questions about the loan process every day.