The Mortgage Loan Process: an Overview
Looking for a mortgage loan? We'll be glad to talk about your mortgage needs! Give us a call at (770) 604-6021. Ready to get started? Apply Online Now
There is no question that getting a mortgage is a complicated process. You wouldn't be here on our website if it were possible to complete a simple mortgage application and receive the best loan check cut the same day. We do 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 on your maximum loan amount
This is a function of a couple things. How much of a monthly payment can you afford? 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. 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 step is where Element Funding can begin saving you money. You will supply info on your current job, assets, and your residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission, of course). After we've finished reviewing your information, we'll 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 the home that's right for you, we are researching the best loan for you.
Step three: apply now! We make it easy
Once you have made the offer and the sellers have accepted, you should complete the loan application. Applying for your loan could not be much easier; you can apply online right here on our site. After the offer has been accepted and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" and closing. We'll work with this company to make sure all the papers your lender needs are in order, and you'll probably}likely sign all these papers at their officeWe do all the work to coordinate with this company to set your date of closing. Because you don't need to coordinate this process, you can think about the move, if you're going to repaint, carpet, and the details involved in getting your new home.
You've answered a few questions, given us detailed information, applied online, and Before you know it, you'll be moving! Element Funding is a mortgage specialist; you're not — so take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Element Funding at (770) 604-6021. It's our job to answer lending questions, so we're happy to help!