How the Mortgage Loan Process Works

There can be no question ; getting a mortgage loan is a complex process. You would not be researching mortgage loans if you could get a mortgage loan in a single 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

This is a function of a couple things. What kind of monthly payment are you looking for? 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. 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 Harbor View Lending* a DBA of Megastar Financial will start to save you money. You will supply details on your current job, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission. When we review all this info we will provide a pre-qualification letter. Handle it with care — it is a useful tool when you make your offer! Your REALTOR® will use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for the home that's right for you, we are researching the loan that best fits your needs.

Step three: apply for your loan

Once you've made the offer and it's been accepted, you should apply for the loan. Applying for a loan couldn't be much easier; you can apply from the comfort of your home 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: your loan is funded

The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll coordinate with this company to make sure the papers your lender needs are in order, and you'll probably}likely sign all these papers at this company's officeWe coordinate with this company to set your date to close. Because you won't have to worry about these details, you get to concentrate on moving logistics, painting, new carpet, and the details involved in getting a new house.

You've answered a few questions, provided lots of information, applied , and the next thing you know, you're moving in! Harbor View Lending* a DBA of Megastar Financial is a mortgage specialist; you're not — so take care of the details. Doesn't that sound nice?

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.