An Overview of the Loan Process

There is little question ; getting a mortgage loan is a complex process. You wouldn't be visiting our website if you could fill out a one-page loan app and get 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.

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. 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? You can get a good idea of your preferred payment abount 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 quewstions. 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 Element Funding can begin to save you money. You will give us information about your employment, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (with your permission, of course). We will review all this info then provide a pre-qualification letter. Handle it with care — it is a great tool when you make your offer! Your agent should use your pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're looking for your new home with your real estate agent, we find the best program for you.

Step three: apply now! We make it easy

Once you've made the offer and it's been accepted, you should apply for the loan. It's very easy, and you can do it online, right here on our website. After the seller has accepted your offer and you have applied for your loan, we will order the professional appraisal on the home.

Step four: funding

Your real estate agent and the seller's will work together to find an escrow/title company to take care of the funding of your loan once it has been approved. We'll coordinate with this company to make sure all the papers your lender will need are in order, and you will probably}likely sign everything at their officeWe do all the work to coordinate with this company on your date to close. Since you don't have to worry about these details, you can concentrate on moving, paint colors, new carpet, and the details involved in moving into a new house.

You've answered some few questions, given us detailed information, applied online, and Before you know it, you'll be moving in! We do the legwork so you can spend your time finding your new home.

Have questions about the loan process? Call Element Funding at 770.604.6037 . It's our job to answer lending questions, so we're happy to help!