The Four Steps of the Loan Process:The Loan Process: Four Steps
No doubt, quite a lot to do in oder to get a mortgage loan. You wouldn't be here on our website if you could complete a one-page application and get a great loan check cut the same 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 mortgage loan involves four major milestones.
Step one: determine how much you can borrow
This is a function of a couple things. How much of a monthly payment can you afford? 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. 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: pre-qualify for your loan
This is where the process really begins and you save the most money. You will provide information on your employment, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission. After we've finished reviewing the provided information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it is a useful tool for buying your new home! Your agent should use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're deciding on your new home, we're busy finding the loan that's just right for your unique situation.
Once you have made the offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan couldn't get 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
Your REALTOR® and the seller's will work together to decide on an escrow/title company to take care of the funding of your loan once it's approved. We'll work with this company to make sure the papers your lender needs are in order, and you'll probably}likely sign everything at this company's officeWe coordinate with this company on your closing date. Because you won't need to worry with this coordination, you can think about the move, painting, carpet, and the details involved in getting a new house.
You've answered a few questions, given us lots of information, applied , and Before you know it, you're moving in! Executive Lending Group, LLC is a mortgage specialist; 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. We answer questions about the loan process every day.