The Loan Process: an Overview
There is no doubt that getting a mortgage loan is a complex process. You would not be researching mortgage loans if it were possible to get a mortgage loan in one day with 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: 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 process really begins and you save the most money. You will give us info about your employment, assets, and residence history. You'll supply information on your employment, asset, and residence history. We run your credit score and report. When we review all this information we will give you a pre-qualification letter. Handle it with care — it is a useful tool when you make your offer! Your REALTOR® should use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're looking for your new house with your real estate agent, we find the best program for you.
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 apply online, right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" and closing. We'll work with this company to make sure the papers your lender will need are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe do all the work to coordinate with this company on your date to close. Since you don't have to coordinate this process, you can concentrate on the move, paint colors, carpet, and the fun parts of getting your new home.
You've answered some few questions, provided detailed information, applied , and before you know it, you're deciding when to move in! Main Street Mortgage Company is in the business of loans; you're not — so take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call Main Street Mortgage Company at (713) 528-1245. It's our job to answer lending questions, so we're happy to help!