The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
There is no question ; getting a mortgage is a complicated process. You wouldn't be visiting our site if it were possible to complete a simple loan app and receive the best loan check cut the same day. But Harbor View Lending* a DBA of Megastar Financial does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a loan involves four major milestones.
Step one: Decide on your maximum loan amount
This is a function of a couple things. What kind of monthly payment are you looking for? 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. 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: pre-qualify for your loan
This is where Harbor View Lending* a DBA of Megastar Financial will start saving you money. You will supply info about your employment, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission. We will review this info then will provide a pre-qualification letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for the home that's right for you, we're busy researching the loan program that's right for you.
Once you have made the 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 website. After the seller has accepted your offer 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 coordinate to decide on an escrow/title company to take care of the funding of your loan once it's approved. We'll coordinate with this company to ensure all the papers your lender will require are in order, and you'll probably}likely sign all these papers at their officeWe coordinate with the title company on your date to close. Because you won't need to worry about these details, you can think about moving, paint colors, new carpet, and all the details of moving into your new home.
You've answered a few questions, given us lots of information, applied online, and before you know it, you're deciding when to move in! We do the legwork so you can spend your time finding your new home.
Have questions about the loan process? Call Harbor View Lending* a DBA of Megastar Financial at (207) 571-8034. We answer questions about the loan process every day.