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

No doubt, a lot to do in oder to get a mortgage loan. You wouldn't be visiting our website if it were possible to fill out a one-page application and receive the best loan funded in one day. 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

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? 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 process really begins and you save the most money. You will supply info about your employment, 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. After we've reviewed the provided information, we'll give you a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're looking for your 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 made the offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can apply online, 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: funding

The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll work with this company to make sure the papers your lender needs are avaiailable, and you will probably}likely sign all these papers at this company's officeWe coordinate with the title company on your date to close. Because you don't need to worry about these details, you get to think about moving, if you're going to repaint, new carpet, and all the details of getting your new home.

You've answered some few questions, given us lots of information, applied online, and Before you know it, you're moving! We do the legwork so you can spend your time finding your new home.

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.