The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps

Make no mistake, there's quite a lot to do when you get a mortgage. You wouldn't be here on our site if you could fill out a one-page loan app and get a great 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 main steps involved in obtaining a mortgage loan.

Step one: Decide how much you can afford

This is a function of a couple things. 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: pre-qualify for your loan

This is where the rubber meets the road and you save the most money. You will supply information about your employment, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We pull your credit score and report. When we review all this info we will provide a pre-qualification letter. Handle it with care — it is a useful tool when you make your offer! Your real estate agent 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 shopping for your new home with your real estate agent, we find the best program for you.

Step three: apply for your loan

Once you have made the offer and it's been accepted, it's time to apply for the loan. Applying for a loan couldn't get much easier; you can apply right here on our site. At the end of this step, we'll order the appraisal of your new home.

Step four: funding

The real estate agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to ensure the papers your lender needs are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe work with with this company to set your date to close. Because you don't have to coordinate this process, you get to think about moving logistics, if you're going to repaint, new carpet, and the fun parts of moving into a new home.

You've answered some few questions, provided detailed information, applied online, and before you know it, you are moving in! We take care of the mortgage 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.