How the Loan Process Works
No doubt, quite a lot to do in oder to get a mortgage. You wouldn't be looking up loan information if it were possible to get a mortgage 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.
There are four main steps involved in obtaining 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? 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 is where the rubber meets the road and Harbor View Lending* a DBA of Megastar Financial can really 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 get your permission to run your credit score and report. After we have gone over this info we provide a letter of pre-qualification. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for your 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 signed an offer and the sellers accept it, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order a professional appraisal on the home.
Step four: funding
The agents will find a title company to handle the "funding" and closing. We'll work with this company to ensure the papers your lender will require are in order, and you will probably}likely sign all these papers at their officeWe do all the work to coordinate with this company on your closing date. Because you will not need to coordinate this process, you can concentrate on moving logistics, painting, carpet, and the details involved in getting your new home.
You've answered a few questions, provided detailed information, applied , and the next thing you know, you're deciding when to move in! We take care of all the loan details so you can focus on 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.