How the Loan Process Works

In the market for a mortgage loan? We'd be thrilled to discuss our mortgage offerings! Call us at (770) 604-6003. Ready to begin? Apply Here.

Make no mistake, there's a lot to do when you get a mortgage. You wouldn't be researching mortgage loans if it were possible to get a mortgage loan in one 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 loan involves four major milestones.

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? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? You can get a good idea of your preferred payment amount using the calculators on our website. We'll also help you through different scenarios by asking a few simple 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: pre-qualify for your loan

This is where the process really begins and Element Funding can really save you money. You will supply details about your employment, assets, and residence history. You'll supply information on your employment, asset, and residence history. We get your permission to pull your credit score and report. We'll go over this info then give you a letter of pre-qualification. Handle it with care — it is a useful tool for buying your new home! Your REALTOR® will likely 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're busy researching the loan that's right for your unique situation.

Step three: apply now! We make it easy

Once you have signed the offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan could not be much easier; you can apply from the comfort of your home right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order the professional appraisal on the home.

Step four: funding

Your real estate agent and the sellers will coordinate to decide on 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 ensure all the papers your lender requires are available, and you will likely sign everything at their office. We will coordinate with this company to set your date to close. Because you don't need to worry about these details, you can concentrate on the move, paint colors, new carpet, and the fun parts of moving into your new house.

After you have answered some few questions, provided lots of information, and applied online, you'll be moving in before you know it! Element Funding is in the business of loans; you're not — so let the experts do the work. Makes sense, doesn't it?

Have questions about the loan process? Call Element Funding at (770) 604-6003. It's our job to answer lending questions, so we're happy to help!