The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
There is no question that getting a mortgage is a complicated process. You would not be researching mortgage loans if it were possible to get a loan in one day by filling out a simple application. We do 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 mortgage loan involves four major milestones.
Step one: determine how much you can borrow
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? Use the calculators on our website to determine your monthly payment amount. 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 begin to save you money. You will give us info about your current job, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (with your permission, of course). We will go over all this info and provide a pre-qualification letter. Your agent will 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 looking for a new home with your real estate agent, we find the best program for you.
Once you have signed the offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan could not get much easier; you can apply 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
The agents will find a title company to handle the "funding" and closing. We'll coordinate with this company to ensure all the papers your lender will need are avaiailable, and you will probably}likely sign all these papers at this company's officeWe work with with this company on your date to close. Since you don't need to worry with this coordination, you get to think about the move, if you're going to repaint, carpet, and all the details of moving into a new home.
You've answered some few questions, provided lots of information, applied , and before you know it, you are deciding when to move in! We take care of all the loan details 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. Harbor View Lending* a DBA of Megastar Financial answers loan process questions every day.