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

There can be little question that getting a mortgage loan is a complicated process. You wouldn't be looking up loan information if you could get a loan in a single day by filling out 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.

There are four important steps involved in getting a mortgage loan.

Step one: determine how much you can borrow

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: complete a pre-qualification

This is where Harbor View Lending* a DBA of Megastar Financial will begin to save you money. You will supply details about your current job, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). After we've finished reviewing the provided information, we'll provide a pre-qualificaiton letter. 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 picking out your new home, we are looking for the best loan program for you.

Step three: apply now! We make it easy

Once you have made the offer and it's been accepted, you should apply for the loan. It's very easy, and you can apply online, right here on our website. After the offer has been accepted and you have applied for your loan, we will order a professional appraisal on the home.

Step four: funding

Your real estate agent and the seller's will coordinate to decide on an escrow/title company to take care of the funding of your loan. We'll coordinate with this company to ensure all the papers your lender requires are avaiailable, and you will probably}likely sign all these papers at this company's officeWe do all the work to coordinate with the title company to set your closing date. Since you won't have to worry with this coordination, you can think about the move, painting, new carpet, and all the details of moving into your new home.

You've answered some few questions, provided detailed information, applied , and the next thing you know, you are deciding when to move in! Harbor View Lending* a DBA of Megastar Financial is a mortgage specialist; you're not — so we do the work. Doesn't that sound nice?

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!