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

There's a lot involved in oder to get a mortgage. You wouldn't be visiting our site if it were possible to fill out a one-page loan application and receive an excellent 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 home loan involves four major milestones.

Step one: Decide how much you can afford

This is a function of a couple things. 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. 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 Main Street Mortgage Company can really save you money. You will give us information about your employment, assets, and residence history. You'll supply your employment, asset, and residence history information. 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 REALTOR® will negotiate the best deal for your new home. While you're shopping for the home that's right for you, we are looking for the loan that best fits your needs.

Step three: apply for your loan

After you've signed an offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan couldn't be much easier; you can apply online right here on our site. When the time is right, we'll order the appraisal of your new home.

Step four: funding

The real estate 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 in order, and you will probably}likely sign everything at their officeWe work with with the title company to set your date of closing. Since you won't have to worry about these details, you can concentrate on moving, painting, new carpet, and all the details of getting a new house.

You've answered a few questions, provided detailed information, applied online, and the next thing you know, you are 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 Main Street Mortgage Company at (713) 528-1245. It's our job to answer lending questions, so we're happy to help!

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