The Mortgage Loan Process: an Overview

There is little question ; getting a mortgage is a complicated process. You wouldn't be here on our site if it were possible to complete a one-page loan app and receive a great loan check cut 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 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? What is the maximum you can borrow from a lender, given your income and credit history? 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: complete a pre-qualification

This is where the process really begins and you save the most money. You will give us information on your employment, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will pull 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. Your REALTOR® will likely use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for a new house with your real estate agent, we find the best program for you.

Step three: apply for your loan

After you've made the offer and the sellers accept it, it's time to apply for the loan. Applying for your loan could not get much easier; you can apply online right here on our site. After the offer has been accepted and you have applied for your loan, we will order a professional appraisal on the home.

Step four: funding

The real estate agents will find a title company to handle the "funding" and closing of the sale. We'll work with this company to ensure the papers your lender requires are in order, and you will probably}likely sign all these papers at this company's officeWe work with with the title company to set your date of closing. Since you won't have to worry about these details, you get to think about moving, if you're going to repaint, carpet, and all the details of getting your new house.

You've answered a few questions, provided detailed information, applied online, and Before you know it, you'll be moving in! We do the mortgage legwork so you can spend your time finding the new home that's right for you.

Have questions about the loan process? Call Main Street Mortgage Company at (713) 528-1245. Main Street Mortgage Company answers loan process questions every day.

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