How the Loan Process Works

Make no mistake, there's a lot involved in oder to get a mortgage loan. You wouldn't be visiting our site if it were possible to fill out a one-page loan app and get an excellent loan check cut 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 how much you can afford

A couple of factors determine this amount. What kind of monthly payment are you looking for? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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: pre-qualify for your loan

This is where the process really begins and you save the most money. You will provide information about your employment, your assets, and residence history. You'll provide your employment, asset, and residence history information. We get your permission to run your credit score and report. After we have gone over this info we give you a letter of pre-qualification. Handle it with care — it is a useful tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for a new house with your real estate agent, we find the best program for you.

Step three: apply now! We make it easy

After you've made the offer and the sellers accept it, you should apply for the loan. Applying for your loan couldn't get much easier; you can apply right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order a professional appraisal on the home.

Step four: funding

The agents will find an escrow/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 in order, and you'll probably}likely sign all these papers at their officeWe work with with the title company to set your date to close. Since you will not need to coordinate this process, you get to concentrate on moving logistics, if you're going to repaint, new carpet, and the details involved in moving into your new house.

You've answered a few questions, provided detailed information, applied online, and Before you know it, you're moving! We take care of the mortgage legwork so you can focus on 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.