The Mortgage Loan Process: an Overview
There's little doubt that getting a mortgage is a complex process. You wouldn't be here on our site if you could fill out a one-page mortgage application and receive a great loan funded in one day. We do most of 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 steps.
Step one: determine how much you can borrow
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. 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: pre-qualify for your loan
This step is where Executive Lending Group, LLC will start to save you money. You will give us info about your current job, your assets, and residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (with your permission. After we've finished reviewing the provided information, we'll provide you with a pre-qualificaiton letter. 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 deciding on the home that's right for you, we are looking for the loan that best fits your needs.
Step three: apply now! We make it easy
Once you have made the offer and the sellers have accepted, it's time to complete the loan application. It couldn't be easier, and you can apply online, right here on our site. At the end of this step, we will order the appraisal of your new home.
Step four: funding
The real estate 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 the papers your lender requires are in order, and you'll probably}likely sign all these papers at their officeWe do all the work to work with with the title company to set your closing date. Because you won't have to coordinate this process, you can think about the move, painting, carpet, and the details involved in getting a new house.
You've answered some few questions, provided lots of information, applied online, and before you know it, you're deciding when to move in! We do 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. Executive Lending Group, LLC answers loan process questions every day.