The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
There's little doubt ; getting a mortgage is a complicated process. You wouldn't be visiting our website if it were possible to fill out a simple mortgage application and receive an excellent loan funded 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.
There are four primary steps involved in obtaining a loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. How much of a monthly payment can you afford? 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. 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: complete a pre-qualification
This is where the rubber meets the road and Harbor View Lending* a DBA of Megastar Financial can really save you money. You will provide info on your current job, assets, and 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. When we review all this info we will give you a pre-qualification letter. Be careful with this letter — it can be a great tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. While you're picking out the home that's right for you, we are looking for the loan that best fits your needs.
Once you have made an offer and the sellers have accepted, you should apply for the loan. Applying for your loan couldn't be much easier; you can apply online right here on our site. After the offer has been accepted and you have applied for your loan, we will order the professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will coordinate to find a title company to take care of the funding of your loan once it has been approved. We'll coordinate with this company to ensure all the papers your lender requires are avaiailable, and you'll probably}likely sign all these papers at their officeWe do all the work to work with with this company on your closing date. Since you won't have to coordinate this process, you can concentrate on moving, paint colors, new carpet, and all the details of getting a new home.
You've answered a few questions, provided detailed information, applied , and Before you know it, you'll be moving in! We take care of the loan details 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!