The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
There's little doubt ; getting a mortgage is a complicated process. You wouldn't be visiting our site if you could complete a simple loan app and get a great loan funded in one day. But Moonstar Mortgage 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 loan.
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? 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: complete a pre-qualification
This is where Moonstar Mortgage can start to save you money. You will supply information about your employment, your assets, and residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission, of course). When we review this info we will give you a letter of pre-qualification. With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for a new home with your agent, we find the best program for you.
Step three: apply now! We make it easy
Once you've made the offer and the sellers have accepted, you should complete the loan application. Applying for your loan could not get much easier; you can apply any time right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will work together to decide on a title company to handle the funding of your loan once it has been approved. We'll work with this company to make sure all the papers your lender will require are avaiailable, and you will probably}likely sign all these papers at their officeWe do all the work to work with with the title company to set your date of closing. Since you won't need to worry with this coordination, you can concentrate on the move, paint colors, carpet, and the details involved in getting a new house.
You've answered some few questions, provided detailed information, applied online, and Before you know it, you'll be moving in! We do the legwork so you can spend your time finding your new home.
Have questions about the loan process? Call Moonstar Mortgage at 847-278-7220. We answer questions about the loan process every day.