The Loan Process: An Overview
There is no question ; getting a mortgage is a complicated process. You wouldn't be looking up loan information if it were possible to get a loan in one day by filling out a simple application. But Accelerated Lending Group does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
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? What is the maximum you can borrow from a lender, given your income and credit history? 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: Complete a pre-qualification
This step is where Accelerated Lending Group will begin saving you money. You will supply info on your employment, assets, and residence history. You'll supply your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission. After we've reviewed the provided information, we'll give you a pre-qualification letter. Be careful with this letter — it can be a useful tool for buying your new home! Your Realtor® should use the 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 are researching the best loan program for you.
Once you have signed an offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan could not be much easier; you can apply online right here on our site. When the time is right, we will order the appraisal of your new home.
Step Four: Funding
The real estate agents will find a title company to handle the "funding" and closing of the sale. We'll work with this company to ensure all the papers your lender will require are in order, and you'll probably sign all these papers at this company's office. We will work with this company on your date to close. Because you don't have to coordinate this process, you get to concentrate on moving, painting, carpet, and the details involved in moving into your new house.
Once you've answered a few questions, provided detailed information, and applied online, you'll be ready to move sooner than you think! We take care of the loan details so you can spend your time finding your new home.