The Loan Process: Four Steps

Shopping for a mortgage loan? We'd be thrilled to discuss our many mortgage solutions! Give us a call today at (770) 604-6003. Ready to begin? Apply Here.

There is no doubt ; getting a mortgage is a complex process. You wouldn't be here on our website if it were possible to complete a one-page loan app and receive the best loan funded in one day. But Element Funding does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

There are four main steps involved in getting a 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? 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. And we can guide you to the right loan amount and best program for you when you answer a few 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: complete a pre-qualification

This is where the rubber meets the road and you save the most money. You will provide information on your employment, assets, and residence history. You'll supply information on your employment, asset, and residence history. We run your credit score and report. After we've finished reviewing the provided information, we'll provide a pre-qualification letter. With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for a new house with your REALTOR™, we find the best program for you.

Step three: apply for your loan

Once you have made an offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our site. At the end of this step, we'll order the appraisal of your new home.

Step four: your loan is funded

The real estate agents will find a title company to handle the "funding" and closing. We'll coordinate with this company to make sure all the papers your lender requires are available, and you will likely sign all these papers at this company's office. We will coordinate with this company on your closing date. Because you will not need to coordinate this process, you can think about moving logistics, if you're going to repaint, new carpet, and the details involved in getting a new house.

Once you've answered a few questions, given us detailed information, and applied online, you'll be moving in before you know it! We take care of 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) 604-6003. It's our job to answer lending questions, so we're happy to help!