The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
Make no mistake, there's quite a lot to do in oder to get a mortgage loan. You wouldn't be researching mortgage loans if you could get a loan in one day by filling out a simple application. But Main Street Mortgage Company does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four primary steps involved in getting a loan.
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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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: complete a pre-qualification
This is where the rubber meets the road and Main Street Mortgage Company can really save you money. You will give us details on your current job, assets, and your residence history. You'll give us your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we've finished reviewing this information, we'll provide a pre-qualificaiton letter. Handle it with care — it can be a useful tool for buying your new home! Your agent will use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're picking out the home that's right for you, we are finding the loan that best fits your needs.
Once you have made the offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can apply online, right here on our website. After the offer has been accepted and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to designate an escrow/title company to handle the funding of your loan. We'll work with this company to make sure the papers your lender will require are avaiailable, and you'll probably}likely sign everything at their officeWe coordinate with the title company on your date of closing. Since you don't need to worry with this coordination, you get to concentrate on moving, painting, new carpet, and the fun parts of moving into a new house.
You've answered some few questions, given us lots of information, applied online, and before you know it, you are deciding when to move in! Main Street Mortgage Company is a mortgage specialist; you're not — so we take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Main Street Mortgage Company at (713) 528-1245. We answer questions about the loan process every day.