The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
No doubt, quite a lot involved when you get a mortgage loan. You wouldn't be visiting our site if it were possible to complete a simple application and get a great loan funded the same day. But MS Investment 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 mortgage loan.
Step one: determine how much you can borrow
This is a function of a couple things. 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. 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 process really begins and you save the most money. You will give us information on your employment, assets, and your residence history. You'll provide information on your employment, asset, and residence history. We run your credit score and report. We'll go over this information and give you a letter of pre-qualification. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for your new home with your agent, we find the best program for you.
Step three: apply for your loan
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 do it online, right here on our site. After the seller has accepted your offer and you have applied for your loan, we will order the professional appraisal on the home.
Step four: your loan is funded
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 all the papers your lender will require are avaiailable, and you'll probably}likely sign everything at this company's officeWe do all the work to work with with the title company on your closing date. Since you won't need to worry with this coordination, you can think about moving logistics, paint colors, new carpet, and all the details 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'll be moving in! We take care of the mortgage legwork so you can spend your time finding your new home.