How the Mortgage Loan Process Works
Searching for a mortgage loan? We'll be glad to talk about our mortgage offerings! Call us at (770) 604-6021. Want to get started? Apply Online Now
No doubt, a lot involved when you get a mortgage. You wouldn't be here on our website if it were possible to complete a one-page loan app and receive the best loan funded 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.
Getting a mortgage loan involves four major steps.
Step one: determine how much you can borrow
A couple of factors determine this amount. What kind of monthly payment are you looking for? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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 step is where Element Funding can start saving you money. You will supply info about your current job, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We get your permission to run your credit score and report. After we've reviewed the provided information, we'll give you a pre-qualification letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're deciding on your new home, we are researching the loan that best fits your needs.
After you've made an offer and the sellers have accepted, you should apply for the loan. Applying for your loan couldn't be much easier; you can apply right here on our site. Finally, we'll 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" of the loan and closing of the sale. We'll coordinate with this company to make sure all the papers your lender will need are in order, and you'll likely sign all these papers at their office. We will work with the title company to set your date to close. Because you don't have to coordinate this process, you get to think about moving, paint colors, new carpet, and the details involved in getting a new house.
Once you've answered a few questions, given us detailed information, and applied online, you'll be moving in before you know it! Element Funding is a mortgage specialist; you're not — so we take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Element Funding at (770) 604-6021. Element Funding answers loan process questions every day.