The Loan Process: an Overview
There's little question ; getting a mortgage loan is a complicated process. You would not be looking up loan information if you could get a loan in a single day with a simple application. 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. 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 details about your current job, assets, and residence history. You'll provide your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission, of course). When we review this information we provide a letter of pre-qualification. 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, we are finding the best loan for you.
Once you have made an offer and the sellers accept it, you should apply for the loan. Applying for your loan could not get much easier; you can apply any time 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 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 requires are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe work with with the title company on your date of closing. Because you won't need to worry about these details, you get to think about moving, painting, new carpet, and the details involved in getting your new house.
You've answered a few questions, given us lots of information, applied online, and before you know it, you are deciding when to move in! We take care of all the loan details so you can focus on finding your new home.
Have questions about the loan process? Call Executive Lending Group, LLC at 8165258000. Executive Lending Group, LLC answers loan process questions every day.