The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
There can be no doubt ; getting a mortgage loan is a complex process. You wouldn't be looking up loan information if you could get a loan in one day with a simple application. But MGM Mortgage Inc. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major milestones.
Step one: Decide on your maximum loan amount
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. 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 the process really begins and you save the most money. You will provide info about your current job, your assets, and residence history. You'll supply your employment, asset, and residence history information. We will pull get your credit report and score (with your permission. We will review this information and provide a letter of pre-qualification. With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for your new house with your agent, we find the best program for you.
Once you've made the offer and it's been accepted, you should complete the loan application. Applying for a loan could not 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: funding
Your real estate agent and the seller's will work together to decide on a title company to take care of the funding of your loan once it has been approved. We'll work with this company to ensure all the papers your lender will require are avaiailable, and you will probably}likely sign everything at this company's officeWe do all the work to work with with this company on your closing date. Because you will not have to coordinate this process, you can think about moving logistics, if you're going to repaint, carpet, and the details involved in getting your new home.
You've answered a few questions, given us lots of information, applied online, and Before you know it, you're moving! MGM Mortgage Inc. is a mortgage specialist; you're not — so take care of the details. Doesn't that sound nice?
Have questions about the loan process? Call MGM Mortgage Inc. at 800-555-6144. It's our job to answer lending questions, so we're happy to help!