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

There is no question that getting a mortgage loan is a complicated process. You wouldn't be here on our site if it were possible to fill out a one-page loan app and get the best loan check cut 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.

There are four primary steps involved in getting a loan.

Step one: determine how much you can borrow

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? You can get a good idea of your preferred payment abount using the calculators on our website. 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 Harbor View Lending* a DBA of Megastar Financial will begin to save you money. You will provide details 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 (only after you give your permission. When we review all this information we give you a pre-qualification letter. Handle it with care — it can be a great tool when you make your offer! 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. While you're shopping for your new house with your real estate agent, we find the best program for you.

Step three: apply now! We make it easy

Once you've made an offer and the sellers have accepted, it's time to apply for the loan. It's very easy, and you can do it online, right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order the professional appraisal on the home.

Step four: funding

The agents will find a title company to handle the "funding" and closing. We'll coordinate with this company to make sure all the papers your lender needs are in order, and you will probably}likely sign everything at this company's officeWe do all the work to work with with this company on your closing date. Since you won't need to worry with this coordination, you can think about moving logistics, paint colors, new carpet, and the fun parts of moving into a new home.

You've answered a few questions, provided lots of information, applied , and Before you know it, you're moving in! Harbor View Lending* a DBA of Megastar Financial is in the business of mortgage loans; you're not — so take care of the details. Makes sense, doesn't it??

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!