An Overview of the Mortgage Loan Process

Are you looking for a new mortgage loan? We'll be glad to discuss our mortgage offerings! Give us a call at (770) 604-6021. Want to get started? Apply Online Now.

Make no mistake, there's quite a lot to do when you get a mortgage. You would not be looking up loan information if you could get a loan in a single day with a simple application. 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

A couple of factors determine this amount. How much of a monthly payment can you afford? 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. And we can guide you to the right loan amount and best program for you when you answer a few 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 is where Element Funding will start to save you money. You will give us info on your employment, assets, and your residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (with your permission, of course). After we've finished reviewing your information, we'll provide you with a pre-qualification letter. Be careful with this letter — it is a great tool for buying your new home! Your REALTOR® should use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're picking out your new home, we are researching the loan that best fits your needs.

Step three: apply now! We make it easy

Once you have made an offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan couldn't be much easier; you can apply right here on our site. Finally, we will order an appraisal of your new home.

Step four: your loan is funded

Your real estate agent and the seller's will coordinate to designate an escrow/title company to take care of the funding of your loan. We'll work with this company to make sure the papers your lender will need are in order, and you'll probably}likely sign all these papers at their officeWe do all the work to work with with this company on your date to close. Since you don't need to worry with this coordination, you can concentrate on the move, if you're going to repaint, carpet, and the details involved in getting a new house.

You've answered some few questions, provided lots of information, applied , and Before you know it, you're 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. We answer questions about the loan process every day.