Your Guide to the Loan Process
Getting a mortgage loan might feel overwhelming, but it doesn’t have to be. At Excel Mortgage Network, inc. we handle the heavy lifting so you can focus on the exciting parts—like preparing to move into your new home, saving money, or planning what to do with your home equity check.
Here’s a simple breakdown of the four main steps in the loan process:
Step 1: Determine How Much You Can Borrow
This step answers two key questions:
- How much can you afford monthly?
- How much will a lender approve for you?
You can get a rough idea using the calculators on our website. We'll guide you through different scenarios by asking a few straightforward questions. Based on standard lender guidelines, we’ll help you understand what loan terms and programs might work best for your unique situation.
Step 2: Get Pre-Approved
This is where the magic happens and where you can save the most money. Here’s how it works:
- You provide information about your employment, assets, residence history, and more.
- We run your credit score (with your permission).
- Once we review everything, you’ll receive a Pre-Approval Letter or Notice of Loan Approval (NOLA).
Think of your NOLA as your golden ticket—it shows sellers that you’re a serious buyer, giving you a competitive edge. In fact, statistics from the National Association of Realtors (NAR) show that pre-approved buyers often negotiate offers that are, on average, 5% lower than buyers whose offers are subject to loan approval.
Step 3: Apply for Your Loan
Once your offer is accepted, it’s time to complete the loan approval process. During this step:
- We order an appraisal.
- We finalize any remaining paperwork.
It’s straightforward, and we’re here to make it as simple as possible for you.
Step 4: Your Loan is Funded
Your Realtor and the seller’s Realtor will coordinate with a title company to handle the closing. We’ll work closely with the title company to ensure all the necessary documents are ready. When the time comes, you’ll sign the paperwork, and your loan will officially be funded.
Why Work with Us?
From start to finish, we’re here to handle the details so you can enjoy the journey. You answer a few questions, share some information, and before you know it—you’re moving into your dream home!
Let’s Get Started!
Ready to begin your loan process? Call us today or visit our website to start your pre-approval. We’re excited to help you take the next step toward homeownership