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

There's quite a lot involved in oder to get a mortgage. You would not be researching mortgage loans if it were possible to get a mortgage loan in one day with 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 important steps involved in getting a mortgage loan.

Step one: Decide how much you can afford

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. 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: pre-qualify for your loan

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 information about your current job, assets, and your 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've finished reviewing this information, we'll provide a pre-qualificaiton letter. Your real estate agent will use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're looking for a new house 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's very easy, and you can apply online, right here on our website. At the end of this step, we will order the appraisal of your new home.

Step four: funding

The 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 will probably}likely sign everything at their officeWe do all the work to coordinate with this company to set your closing date. Since you don't have to worry about these details, you can think about the move, if you're going to repaint, new carpet, and the fun parts of getting your new house.

You've answered a few questions, given us lots of information, applied , and Before you know it, you'll be moving in! Harbor View Lending* a DBA of Megastar Financial is in the business of loans; 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!