An Overview of the Mortgage Loan Process

Make no mistake, there's a lot involved in order to get a mortgage loan. You wouldn't be here on our site if it were possible to complete a one-page application and receive a great loan check cut in one 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.

Step One: Decide how much you can afford

This is a function of a couple things. How much of a monthly payment can you afford? 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 amount 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 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 you save the most money. You will give us info on your current job, assets, and residence history. You'll supply your employment, asset, and residence history information. We pull your credit score and report. When we review this info we give you a pre-qualification letter. Handle it with care — it is a great tool when you make your offer! 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 looking for your new home with your agent, we find the best program for you.

Step Three: Apply now! We make it easy

Once you have made the offer and the sellers have accepted, you should apply for the loan. Applying for a loan couldn't get much easier; you can apply online right here on our site. Finally, we'll order an appraisal of your new home.

Step Four: Your loan is funded

The real estate agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to make sure the papers your lender requires are in order, and you will likely sign everything at this company's office. We will work with the title company to set your date of closing. Because you will not need to worry with this coordination, you can concentrate on the move, if you're going to repaint, carpet, and the details involved in moving into your new home.

After you have answered a few questions, given us detailed information, and applied, you're ready to move in! Elite Financing Group is a mortgage specialist; you're not — so we take care of the details. Makes sense, doesn't it?

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