The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
There's no question that getting a mortgage is a complicated process. You wouldn't be visiting our website if you could fill out a simple loan app and receive an excellent loan funded the same day. But Element Funding does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
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. 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 quewstions. 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 process really begins and Element Funding can really save you money. You will give us details on your employment, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We run your credit score and report. After we've reviewed your information, we'll give you a pre-qualificaiton letter. Handle it with care — it is a useful tool when you make your offer! Your REALTOR® will likely 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 with your agent, we find the best program for you.
After you've made an offer and the sellers accept it, you should apply for the loan. It's very easy, and you can do it online, right here on our site. At the end of this step, we will order the appraisal of your new home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll work with this company to ensure all the papers your lender requires are in order, and you will probably}likely sign everything at this company's officeWe do all the work to coordinate with this company to set your date of closing. Since you won't need to coordinate this process, you get to think about the move, paint colors, new carpet, and the fun parts of moving into a new house.
You've answered a few questions, provided lots of information, applied online, and Before you know it, you're moving in! Element Funding is in the business of mortgage loans; you're not — so take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call Element Funding at 770.604.6037 . We answer questions about the loan process every day.