An Overview of the Mortgage Loan Process
There's a lot to do in oder to get a mortgage. You wouldn't be here on our site if you could fill out a one-page loan app and get an excellent loan funded the same day. But Executive Lending Group, LLC does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a loan involves four major milestones.
Step one: Decide how much you can afford
A couple of factors determine this amount. 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? 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: complete a pre-qualification
This step is where Executive Lending Group, LLC will start to save you money. You will supply info about your employment, assets, and residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (with your permission, of course). After we've finished reviewing your information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it is a great tool when you make your offer! Your REALTOR® should use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for a new house with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
After you've signed an offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our site. Finally, we will order an appraisal of your new home.
Step four: funding
The real estate agents will find a title company to handle the "funding" and closing of the sale. We'll work with this company to make sure the papers your lender requires are avaiailable, and you will probably}likely sign all these papers at their officeWe do all the work to coordinate with this company on your date of closing. Because you don't have to coordinate this process, you can think about moving, painting, new carpet, and all the details of getting your new home.
You've answered some few questions, given us lots of information, applied online, and Before you know it, you're moving! Executive Lending Group, LLC is in the business of loans; you're not — so take care of the details. Doesn't that sound nice?
Have questions about the loan process? Call Executive Lending Group, LLC at (816) 525-8000. We answer questions about the loan process every day.