An Overview of the Mortgage Loan Process

Make no mistake, there's a lot to do in oder to get a mortgage loan. You wouldn't be here on our site if it were possible to fill out a simple application and receive a great loan funded in one 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 home loan involves four major milestones.

Step one: Decide on your maximum loan amount

A couple of factors determine this amount. What kind of monthly payment are you looking for? 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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 the rubber meets the road and you save the most money. You will give us details on your current job, assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will get your credit report and score (with your permission, of course). After we've reviewed this information, we'll give you a pre-qualificaiton letter. Your REALTOR® should use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for a new home with your REALTOR™, we find the best program for you.

Step three: apply for your loan

Once you have made an offer and it's been accepted, you should complete the loan application. It's very easy, and you can do it online, right here on our site. After the offer has been accepted and you have applied for your loan, we'll order a professional appraisal on the home.

Step four: funding

Your REALTOR® and the seller's will work together to designate a title company to take care of the funding of your loan once it has been approved. We'll coordinate with this company to make sure the papers your lender will require are avaiailable, and you will probably}likely sign all these papers at this company's officeWe work with with this company to set your date of closing. Since you will not need to worry about these details, you can concentrate on moving, if you're going to repaint, carpet, and the fun parts of moving into a new home.

You've answered a few questions, provided lots of information, applied , and the next thing you know, you are moving in! Harbor View Lending* a DBA of Megastar Financial is in the business of loans; you're not — so take care of the details. Doesn't that make sense?

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!