How the Mortgage Loan Process Works
There is no question that getting a mortgage loan is a complex process. You wouldn't be here on our site if you could fill out a one-page mortgage application and receive the best loan check cut in one day. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
There are four important steps involved in getting a loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. 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. 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 process really begins and Harbor View Lending* a DBA of Megastar Financial can really save you money. You will supply info on your employment, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (with your permission. After we've reviewed the provided information, we'll provide a pre-qualificaiton letter. Handle it with care — it is a useful tool when you make your offer! Your REALTOR® should use your pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're picking out the home that's right for you, we're busy researching the loan that's right for you.
After you've made the offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can do it online, right here on our site. After the seller has accepted your offer and you have applied for your loan, we will order a professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will coordinate to designate a title company to take care of the funding of your loan once it has been approved. We'll work with this company to ensure all the papers your lender needs are in order, and you'll probably}likely sign all these papers at their officeWe work with with this company on your date to close. Because you don't have to coordinate this process, you get to think about the move, painting, new carpet, and the fun parts of moving into your new house.
You've answered a few questions, given us lots of information, applied online, and Before you know it, you'll be moving! We take care of the mortgage legwork so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call Harbor View Lending* a DBA of Megastar Financial at (207) 571-8034. It's our job to answer lending questions, so we're happy to help!