The Mortgage Loan Process: an Overview
There's a lot to do when you get a mortgage loan. You wouldn't be here on our website if it were possible to complete a one-page loan app and receive the best loan check cut 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 steps.
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? You can get a good idea of your preferred payment abount using the calculators on our website. We'll also help you through different scenarios by asking a few simple questions. 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 info on your current job, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We pull your credit score and report. When we review this info we provide a pre-qualification letter. Be careful with this letter — it is a useful tool when you make your offer! Your REALTOR® should use your 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 picking out your new home, we're busy researching the loan program that's just right for your unique situation.
Step three: apply now! We make it easy
Once you have signed the offer and the sellers accept it, you should apply for the loan. Applying for your loan couldn't be much easier; you can apply any time right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: funding
The 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 will require are in order, and you'll probably}likely sign all these papers at this company's officeWe coordinate with the title company on your date of closing. Since you will not need to coordinate this process, you can concentrate on moving, if you're going to repaint, carpet, and the fun parts of moving into a new home.
You've answered some few questions, provided lots of information, applied , and the next thing you know, you're moving in! We take care of all the loan details 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.