How the Loan Process Works

In the market for a mortgage? We will be glad to assist you! Give us a call today at (770) 604-6003. Ready to begin? Apply Online Now.

There's little question ; getting a mortgage loan is a complicated process. You wouldn't be researching mortgage loans if you could get a mortgage loan in a single day by filling out 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.

Getting a loan involves four major milestones.

Step one: Decide how much you can afford

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. 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 the rubber meets the road and you save the most money. You will give us info on your current job, your assets, and 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). When we review all this info we will give you a letter of pre-qualification. 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 deciding on your new home, we are looking for the loan that best fits your needs.

Step three: apply for your loan

Once you've made an offer and it's been accepted, it's time to complete the loan application. It couldn't be easier, and you can apply online, right here on our website. After the offer has been accepted and you have applied for your loan, we will order a professional appraisal on the home.

Step four: your loan is funded

Your real estate agent and the sellers will coordinate to designate a title company to handle the funding of your loan once it has been approved. We'll work with this company to ensure all the papers your lender requires are available, and you'll likely sign everything at their office. We will work with this company to set your date of closing. Since you won't have to coordinate this process, you can think about moving, if you're going to repaint, new carpet, and all the details of getting your new house.

Once you've answered a few questions, provided lots of information, and applied online, you'll be moving in before you know it! We take care of the mortgage legwork so you can focus on finding your new home.

Have questions about the loan process? Call Element Funding at (770) 604-6003. We answer questions about the loan process every day.