The Four Steps of the Loan Process:The Loan Process: Four Steps
There's quite a lot involved when you get a mortgage loan. You would not be researching mortgage loans if it were possible to get a loan in one day with a simple application. 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 steps.
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? 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. 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: complete a pre-qualification
This step is where MS Investment Mortgage Company will begin to save you money. You will supply details on your employment, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We pull your credit score and report. After we've finished reviewing your information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it can be a great tool for buying your new home! Your REALTOR® should use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for your new home, we are finding the best loan for you.
Step three: apply now! We make it easy
Once you've made an offer and the sellers have accepted, you should complete the loan application. It's very easy, and you can apply 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
Your REALTOR® and the seller's will work together to decide on an escrow/title company to handle the funding of your loan. We'll coordinate with this company to ensure all the papers your lender will need are in order, and you'll probably}likely sign everything at this company's officeWe do all the work to work with with the title company to set your date of closing. Because you will not have to coordinate this process, you can concentrate on moving logistics, if you're going to repaint, carpet, and the details involved in moving into your new house.
You've answered some few questions, provided lots of information, applied online, and the next thing you know, you are deciding when to move in! We do the legwork so you can focus on finding the new home that's right for you.