An Overview of the Loan Process

In the market for a new mortgage? We can help! Call us at (770) 604-6021. Ready to begin? Apply Now.

No doubt, quite a lot involved when you get a mortgage loan. You wouldn't be here on our site if you could complete a simple loan app and get an excellent loan check cut in one 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 steps.

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? 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. 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 the process really begins and you save the most money. You will supply details on your employment, your assets, and 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. We will go over this info and will provide a pre-qualification letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for the home that's right for you, we're busy researching the loan program that's just right for you.

Step three: apply now! We make it easy

After you've made the offer and the sellers accept it, it's time to apply for the loan. Applying for a loan couldn't get much easier; you can apply right here on our site. After the offer has been accepted and you have submitted your loan application, we will order the professional appraisal on the home.

Step four: funding

Your REALTOR® and the sellers will coordinate to designate a title company to take care of the funding of your loan once it has been approved. We'll coordinate with this company to ensure the papers your lender requires are in order, and you'll likely sign everything at this company's office. We will coordinate with the title company on your date to close. Because you don't need to worry about these details, you can concentrate on moving, paint colors, new carpet, and the fun parts of getting your new house.

After you have answered a few questions, provided lots of information, and applied, you'll be moving in before you know it! 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. It's our job to answer lending questions, so we're happy to help!