The Four Steps of the Loan Process:The Loan Process: Four Steps
Are you looking for a new mortgage? We can assist you! Call us at (770) 604-6021. Ready to get started? Apply Now
There's quite a lot involved in order to get a mortgage loan. You wouldn't be researching mortgage loans if it were possible to get a loan in a single day by filling out a simple application. But Element Funding does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four primary steps involved in obtaining a mortgage loan.
Step one: determine how much you can borrow
This is a function of a couple things. 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 amount using the calculators on our website. 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 Element Funding will start saving you money. You will supply details about your employment, your assets, and residence history. You'll provide your employment, asset, and residence history information. We pull your credit score and report. After we've reviewed your information, we'll give you a pre-qualification letter. Be careful with this letter — it can be a great tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're deciding on your new home, we are finding the best loan for you.
After you've made an offer and the sellers accept it, you should apply for the loan. It's very easy, and you can apply online, right here on our website. At the end of this step, we'll order the appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will work together to designate an escrow/title company to take care of the funding of your loan once it's approved. We'll work with this company to make sure the papers your lender requires are in order, and you'll probably}likely sign all these papers at their officeWe coordinate with this company to set your closing date. Since you won't have to worry about these details, you get to think about moving, paint colors, carpet, and the fun parts of moving into your new house.
You've answered a few questions, given us lots of information, applied , and Before you know it, you'll be moving! We take care of all the loan details so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call Element Funding at (770) 604-6021. Element Funding answers loan process questions every day.