An overview of the loan process - Excel Mortgage Network, Inc.

An overview of the loan process

Make no mistake, there's a lot involved in getting a mortgage loan. You wouldn't be here on our website if you could fill out a one-page application and get the best loan for you funded the same day. What we do is do most of the heavy lifting for you, so you can concentrate on what's important -- preparing to move into your new home, saving money, or making plans for your home equity check.

There are four main steps involved in getting a loan. You'll see that we've made your part in them as easy as possible, and we do all the work! That's what we're here for.

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? The first part you can get a rough idea of by 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: get pre-approved for your loan

This is where the rubber meets the road and you save the most money. You supply information about your employment, your assets, your residence history, and so on. We get your permission to run your credit score. When we review all this information we give you a Pre-Approval Letter, Notice of Loan Approval (NOLA) . Handle it with care -- to a home seller, it's like a suitcase full of cash! Your Realtor will use your NOLA to make the best offer on the home you choose, and the seller knows you're pre-approved. It gives you buying clout! Actually National Association of Realtor (NAR) statistics show that pre-approves buyers successfully negotiate accepted offers on average of 5% below buyer's who's offer is subject to loan approval!

Step three: apply now! We make it easy

Once you've made an offer and it's been accepted, it's time to complete the loan approval process. Your appraisal is ordered and any final paperwork is completed. It couldn't be easier.

Step four: your loan is funded

Your Realtor and the seller's Realtor will work together to choose a designated title company to handle the clsoing and funding of your loan. We'll coordinate with the title company to make sure all the papers need to clos your loan are in order, and you'll sign everything at the title company's office.

You've answered a few questions, given us some detailed information, applied online, and next thing you know, you're moving in! We're in the business of mortgage loans, you're not -- so we do most of the work. Doesn't that make sense?