The Loan Process: an Overview
Shopping for a mortgage? We'll be glad to discuss our mortgage offerings! Give us a call at (770) 604-6021. Want to get started? Apply Now
There's quite a lot to do when you get a mortgage. You wouldn't be researching mortgage loans if you could get a loan in a single day by filling out a simple application. But Element Funding does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major steps.
Step one: determine how much you can borrow
A couple of factors determine this amount. What kind of monthly payment are you looking for? 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 step is where Element Funding can start saving you money. You will provide details on your current job, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we've finished reviewing this information, we'll provide you with a pre-qualification letter. Your REALTOR® will 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 shopping for your new home, we're busy finding the loan program that's just right for your unique situation.
Step three: apply now! We make it easy
Once you've made the offer and the sellers have accepted, you should complete the loan application. Applying for your loan couldn't get much easier; you can apply right here on our site. Finally, we'll order an appraisal of your new home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll work with this company to make sure all the papers your lender needs are available, and you'll probably}likely sign all these papers at this company's officeWe coordinate with this company to set your date to close. Because you don't need to worry about these details, you can think about moving, paint colors, carpet, and the fun parts of getting your new home.
You've answered some few questions, provided lots of information, applied , and Before you know it, you'll be moving in! We do the mortgage legwork so you can focus on finding your new home.
Have questions about the loan process? Call Element Funding at (770) 604-6021. Element Funding answers loan process questions every day.