The Mortgage Loan Process: an Overview

There can be no doubt ; getting a mortgage loan is a complex process. You wouldn't be looking up loan information if you could get a loan in one day with a simple application. 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: determine how much you can borrow

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? You can get a good idea of your preferred payment abount using the calculators on our website. We'll also help you through different scenarios by asking a few simple questions. 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 step is where Harbor View Lending* a DBA of Megastar Financial can start to save you money. You will provide details about your employment, your assets, and residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission. When we review this information we provide a letter of pre-qualification. Handle it with care — it can be a useful tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're looking for a new home with your real estate agent, we find the best program for you.

Step three: apply now! We make it easy

Once you have made the offer and it's been accepted, it's time to apply for the loan. It's very easy, and you can do it online, right here on our website. When the time is right, we will order an appraisal of your new home.

Step four: your loan is funded

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 all the papers your lender will need are avaiailable, and you will probably}likely sign all these papers at their officeWe coordinate with this company on your date to close. Since you will not need to coordinate this process, you get to concentrate on the move, painting, new carpet, and all the details of getting a new house.

You've answered a few questions, given us lots of information, applied online, and before you know it, you're deciding when to move in! Harbor View Lending* a DBA of Megastar Financial is in the business of loans; you're not — so we do the work. Doesn't that make sense?

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.