How the Mortgage Loan Process Works
There can be no question that getting a mortgage is a complicated process. You wouldn't be here on our website if it were possible to fill out a simple mortgage application and get the best loan funded in one day. We do most of the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
Getting a home loan involves four major steps.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. How much of a monthly payment can you afford? What is the maximum you can borrow from a lender, given your income and credit history? 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: pre-qualify for your loan
This is where Harbor View Lending* a DBA of Megastar Financial will begin saving you money. You will give us information about your current job, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). After we have gone over this information we will give you a pre-qualification letter. Your REALTOR® will likely 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 shopping for the home that's right for you, we are finding the best loan for you.
After you've signed the offer and the sellers have accepted, you should apply for the loan. Applying for your loan could not be much easier; you can apply online right here on our site. At the end of this step, we will order the appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to designate an escrow/title company to take care of the funding of your loan once it's approved. We'll coordinate with this company to make sure all the papers your lender will require are avaiailable, and you'll probably}likely sign everything at their officeWe do all the work to work with with the title company to set your date to close. Because you won't need to worry with this coordination, you can concentrate on moving logistics, paint colors, new carpet, and the fun parts of getting your new house.
You've answered a few questions, given us lots of information, applied , and Before you know it, you'll be moving in! Harbor View Lending* a DBA of Megastar Financial is in the business of mortgage loans; you're not — so we do the work. Doesn't that sound nice?
Have questions about the loan process? Call Harbor View Lending* a DBA of Megastar Financial at (207) 571-8034. Harbor View Lending* a DBA of Megastar Financial answers loan process questions every day.