An Overview of the Loan Process
There is no question that getting a mortgage is a complicated process. You wouldn't be looking up loan information if you could get a loan in a single day by filling out a simple application. 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 mortgage 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. 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 begin saving you money. You will provide info on your employment, assets, and residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (with your permission, of course). After we've reviewed this information, we'll give you a pre-qualificaiton letter. 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 deciding on your new home, we're busy researching the loan program that's just right for you.
Once you have made an offer and the sellers have accepted, you should apply for the loan. Applying for your loan could not get much easier; you can apply online right here on our site. After the offer has been accepted and you have applied for your loan, we will order a professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will work together to designate a title company to handle the funding of your loan. We'll coordinate with this company to ensure all the papers your lender will need are avaiailable, and you will probably}likely sign everything at their officeWe do all the work to coordinate with this company on your closing date. Because you will not need to worry with this coordination, you get to concentrate on moving logistics, if you're going to repaint, carpet, and the fun parts of getting a new house.
You've answered a few questions, given us detailed information, applied online, and Before you know it, you're moving! We do the mortgage 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 & (81. Executive Lending Group, LLC answers loan process questions every day.