The Mortgage Loan Process: an Overview

Make no mistake, there's quite a lot involved in oder to get a mortgage loan. You wouldn't be visiting our site if it were possible to complete a simple loan app and receive a great 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 milestones.

Step one: determine how much you can borrow

This is a function of a couple things. 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? 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. 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: complete a pre-qualification

This is where the rubber meets the road and you save the most money. You will supply info about your employment, assets, and residence history. You'll provide information on your employment, asset, and residence history. We get your permission to pull your credit score and report. After we have reviewed all this information we give you a letter of pre-qualification. Be careful with this letter — it is a useful tool for buying your new home! 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 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 it's been accepted, you should apply for the loan. Applying for a loan couldn't be much easier; you can apply right here on our site. At the end of this step, we will order the appraisal of your new home.

Step four: your loan is funded

The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll coordinate with this company to make sure all the papers your lender will require are avaiailable, and you will probably}likely sign everything at this company's officeWe coordinate with the title company to set your closing date. Since you will not need to worry about these details, you get to think about moving, paint colors, new carpet, and all the details of getting a new house.

You've answered some few questions, given us detailed information, applied online, and before you know it, you're deciding when to move in! Executive Lending Group, LLC is in the business of mortgage loans; you're not — so take care of the details. Makes sense, doesn't it??

Have questions about the loan process? Call Executive Lending Group, LLC at 8165258000. It's our job to answer lending questions, so we're happy to help!