How the Loan Process Works
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No doubt, a lot to do when you get a mortgage. You wouldn't be visiting our website if it were possible to complete a one-page application and get the best loan check cut the same day. But Excel Mortgage Corp. USA does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major milestones.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. 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? Use the calculators on our website to determine your monthly payment amount. We'll also help you through different scenarios by asking a few simple 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 give us info on your current job, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission. After we've reviewed this information, we'll give you a pre-qualification letter. With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're deciding on the home that's right for you, we are looking for the best loan for you.
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. It couldn't be easier, and you can apply online, right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order a professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to decide on a title company to take care of the funding of your loan. We'll coordinate with this company to ensure all the papers your lender needs are in order, and you'll probably}likely sign all these papers at this company's officeWe coordinate with the title company to set your date of closing. Since you don't have to worry with this coordination, you get to concentrate on moving logistics, painting, new carpet, and all the details of moving into your new house.
You've answered a few questions, given us detailed information, applied , and Before you know it, you're moving in! We take care of the loan details so you can spend your time finding the new home that's right for you.