The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
Make no mistake, there's a lot involved when you get a mortgage loan. You wouldn't be here on our website if it were possible to fill out a simple loan app and get 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 mortgage loan involves four major milestones.
Step one: Decide on your maximum loan amount
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? 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. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.
Step two: pre-qualify for your loan
This is where MS Investment Mortgage Company can start to save you money. You will supply details on your employment, assets, and residence history. You'll provide information on your employment, asset, and residence history. We will get your credit report and score (with your permission, of course). After we have reviewed all this information we provide a pre-qualification 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 best loan for you.
Step three: apply for your loan
After you've made an offer and the sellers accept it, you should apply for the loan. Applying for a loan could not get much easier; you can apply any time right here on our site. When the time is right, we will order an appraisal of your new home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" of the loan and closing. We'll coordinate with this company to make sure the papers your lender will require are in order, and you'll probably}likely sign all these papers at this company's officeWe do all the work to work with with the title company to set your date of closing. Because you don't need to worry with this coordination, you get to concentrate on the move, if you're going to repaint, new carpet, and the details involved in moving into your new home.
You've answered some few questions, given us detailed information, applied , and Before you know it, you're moving! We take care of the loan details so you can spend your time finding your new home.