An Overview of the Loan Process
There's no doubt ; getting a mortgage loan is a complex process. You wouldn't be here on our site if you could complete a one-page loan app and receive a great 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 mortgage loan involves four major milestones.
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? 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. 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 Rick Brown, Elite Financing Group can really save you money. You will give us info about your employment, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We pull your credit score and report. We'll go over this information then provide a letter of pre-qualification. Your agent will 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 looking for a new house with your REALTOR™, we find the best program for you.
After you've made an offer and the sellers accept it, you should apply for the loan. Applying for your loan couldn't get much easier; you can apply right here on our site. Finally, we will order the appraisal of your new home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll work with this company to ensure all the papers your lender will require are in order, and you will probably}likely sign everything at their officeWe do all the work to work with with this company to set your closing date. Because you don't need to coordinate this process, you get to think about moving, paint colors, new carpet, and the fun parts of moving into your new home.
You've answered some few questions, provided lots of information, applied , and Before you know it, you'll be moving! We take care of the legwork so you can spend your time finding your new home.
Have questions about the loan process? Call Rick Brown, Elite Financing Group at 5122791520. We answer questions about the loan process every day.