The Mortgage Loan Process: an Overview
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There's quite a lot involved when you get a mortgage loan. You wouldn't be looking up loan information if you could get a mortgage 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.
Getting a mortgage loan involves four major milestones.
Step one: determine how much you can borrow
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: pre-qualify for your loan
This step is where Element Funding can begin to save you money. You will give us details about your current job, your assets, and residence history. You'll provide your employment, asset, and residence history information. We get your permission to run your credit score and report. We will review this info and will give you a pre-qualification letter. 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 shopping for your new home, we are researching the best loan for you.
Once you've made an offer and it's been accepted, you should apply for the loan. Applying for your loan couldn't get much easier; you can apply any time right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order a professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will work together to designate a title company to handle the funding of your loan once it's approved. We'll work with this company to ensure the papers your lender will need are available, and you'll probably}likely sign everything at their officeWe do all the work to coordinate with the title company on your closing date. Since you don't need to worry with this coordination, you get to think about moving logistics, painting, new carpet, and the details involved in getting your new house.
You've answered some few questions, provided lots of information, applied online, and Before you know it, you're moving! We do the legwork 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.