An Overview of the Mortgage Loan Process
There's no doubt that getting a mortgage is a complex process. You wouldn't be here on our site if it were possible to fill out a simple mortgage application and receive the best loan funded 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 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? 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. 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 rubber meets the road and you save the most money. You will provide info about your current job, assets, and your residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (with your permission. We will go over this information and will give you a pre-qualification letter. Handle it with care — it is a useful tool when you make your offer! Your agent should use the 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 program that's right for you.
Once you have signed the offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can do it online, right here on our website. After the offer has been accepted and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will work together to find an escrow/title company to handle the funding of your loan once it has been approved. We'll coordinate with this company to make sure the papers your lender requires are in order, and you will probably}likely sign everything at this company's officeWe work with with the title company on your closing date. Since you won't have to coordinate this process, you get to concentrate on the move, painting, new carpet, and the details involved in moving into your new home.
You've answered some few questions, provided lots of information, applied online, and Before you know it, you're moving! We take care of all the loan details so you can focus on finding your new home.
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!