How the Mortgage Loan Process Works
There is little doubt that getting a mortgage loan is a complex process. You would not be researching mortgage loans if you could get a mortgage 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.
There are four main steps involved in obtaining a loan.
Step one: Decide how much you can afford
This is a function of a couple things. 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. 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 is where the rubber meets the road and Executive Lending Group, LLC can really save you money. You will supply info on your employment, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We get your permission to pull your credit score and report. We will review this information then will provide a pre-qualification 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 shopping for the home that's right for you, we are researching the loan that best fits your needs.
Once you have made an offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can apply online, right here on our website. After the offer has been accepted and you have applied for your loan, we'll order a professional appraisal on the home.
Step four: your loan is funded
The 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 the papers your lender will require are avaiailable, and you will probably}likely sign everything at their officeWe do all the work to coordinate with this company to set your date of closing. Since you will not need to coordinate this process, you get to concentrate on moving, painting, carpet, and the details involved in getting a new home.
You've answered some few questions, given us detailed information, applied , and the next thing you know, you're moving in! Executive Lending Group, LLC is in the business of loans; you're not — so we take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Executive Lending Group, LLC at 8165258000. We answer questions about the loan process every day.