An Overview of the Loan Process

Make no mistake, there's a lot to do when you get a mortgage loan. You wouldn't be looking up loan information if it were possible to get a mortgage loan in one day by filling out a simple application. We do most of 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 steps.

Step one: Decide how much you can afford

A couple of factors determine this amount. 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. 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 step is where MS Investment Mortgage Company will begin to save you money. You will give us info on your employment, assets, and residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission. After we have reviewed this info we provide a letter of pre-qualification. Be careful with this letter — it can be a great tool when you make your offer! Your REALTOR® will likely use the pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're picking out your new home, we're busy researching the loan that's right for your unique situation.

Step three: apply for your loan

Once you've made the offer and the sellers have accepted, you should complete the loan application. Applying for a loan couldn't get much easier; you can apply online right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order the professional appraisal on the home.

Step four: your loan is funded

Your REALTOR® and the seller's will coordinate to find an escrow/title company to take care of the funding of your loan. We'll work with this company to make sure the papers your lender will need are avaiailable, and you will probably}likely sign everything at this company's officeWe do all the work to coordinate with this company on your date of closing. Since you won't have to coordinate this process, you get to concentrate on moving logistics, if you're going to repaint, new carpet, and the details involved in moving into your new home.

You've answered some few questions, provided detailed information, applied online, and before you know it, you're deciding when to move in! We do the legwork so you can spend your time finding your new home.

Have questions about the loan process? Call MS Investment Mortgage Company at (858) 485-5800. MS Investment Mortgage Company answers loan process questions every day.