The Mortgage Loan Process: an Overview
No doubt, quite a lot to do when you get a mortgage loan. You wouldn't be researching mortgage loans if you could get a mortgage loan in one day with a simple application. But Executive Lending Group does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major milestones.
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 the process really begins and Executive Lending Group can really save you money. You will provide details on your employment, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We get your permission to run your credit score and report. After we have reviewed this information we will give you 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) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for your new home, we're busy finding the loan that's right for your unique situation.
Step three: apply now! We make it easy
After you've signed the offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can apply online, 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 coordinate to decide on an escrow/title company to take care of the funding of your loan once it has been approved. We'll coordinate with this company to ensure the papers your lender will need are avaiailable, and you will probably}likely sign all these papers at this company's officeWe do all the work to coordinate with this company to set your date to close. Because you won't have to coordinate this process, you can concentrate on moving, if you're going to repaint, new carpet, and the details involved in getting a new house.
You've answered a few questions, provided lots of information, applied , and Before you know it, you're moving in! Executive Lending Group is in the business of mortgage loans; you're not — so we do the work. Doesn't that make sense?
Have questions about the loan process? Call Executive Lending Group at 4056158543. We answer questions about the loan process every day.