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

There's little doubt ; getting a mortgage loan is a complex process. You would not be looking up loan information if it were possible to get a mortgage loan in one day by filling out a simple application. 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 main steps involved in getting a mortgage loan.

Step one: Decide on your maximum loan amount

A couple of factors determine this amount. How much of a monthly payment can you afford? What is the maximum you can borrow from a lender, given your income and credit history? 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. Because lender guidelines are fairly standard, we can give you a good idea of how much you can borrow after a short conversation.

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 supply info about your current job, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission. When we review all this information we will provide a pre-qualification letter. Be careful with this letter — it can be a useful tool for buying your new home! Your agent will likely use the 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 shopping for a new house with your REALTOR™, we find the best program for you.

Step three: apply for your loan

Once you've made the 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 website. After the offer has been accepted and you have applied for your loan, we'll order the professional appraisal on the home.

Step four: funding

Your REALTOR® and the seller's will coordinate to decide on a title company to handle the funding of your loan. We'll work with this company to ensure the papers your lender requires are in order, and you'll probably}likely sign all these papers at this company's officeWe coordinate with the title company to set your closing date. Since you don't need to worry about these details, you can concentrate on the move, if you're going to repaint, new carpet, and the fun parts of getting a new house.

You've answered some few questions, provided lots of information, applied , and Before you know it, you'll be moving in! We take care of all the loan details so you can spend your time finding the new home that's right for you.

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.