The Mortgage Loan Process: an Overview
There's a lot to do when you get a mortgage. You wouldn't be here on our site if you could complete a one-page loan app and receive an excellent loan funded the same 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.
Getting a home loan involves four major milestones.
Step one: Decide how much you can afford
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. 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 the rubber meets the road and Executive Lending Group, LLC can really save you money. You will provide information on your employment, your assets, and residence history. You'll provide your employment, asset, and residence history information. We pull your credit score and report. After we've reviewed this information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it is a useful tool for buying your new home! Your real estate agent will use the 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 shopping for your new home with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
Once you've made the offer and the sellers have accepted, you should complete the loan application. 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 the professional appraisal on the home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll work with this company to ensure all the papers your lender needs are avaiailable, and you will probably}likely sign everything at their officeWe work with with this company to set your date to close. Since you will not have to coordinate this process, you get to concentrate on the move, paint colors, carpet, and the details involved in moving into your new home.
You've answered a few questions, given us detailed information, applied , and the next thing you know, you're moving in! We take care of the 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 (816) 525-8000. It's our job to answer lending questions, so we're happy to help!