The Four Steps of the Loan Process:The Loan Process: Four Steps
Searching for a mortgage loan? We'd be thrilled to talk about our many mortgage solutions! Give us a call today at (866) 298-0700. Ready to begin? Apply Here
There can be no doubt ; getting a mortgage is a complex process. You wouldn't be here on our website if you could complete a one-page mortgage application and receive the best loan funded in one day. But Mid America Mortgage Company NMLS 150009 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 mortgage loan.
Step one: determine how much you can borrow
This is a function of a couple things. 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 amount using the calculators on our website. And we can guide you to the right loan amount and best program for you when you answer a few 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 Mid America Mortgage Company NMLS 150009 can begin to save you money. You will give us information on your current job, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We run your credit score and report. We'll review this info and provide a pre-qualification letter. 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 real estate agent, we find the best program for you.
Once you've made the offer and it's been accepted, it's time to complete the loan application. It couldn't be easier, and you can apply online, right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order a professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to find a title company to take care of the funding of your loan. We'll work with this company to ensure the papers your lender needs are available, and you will probably}likely sign all these papers at this company's officeWe coordinate with the title company to set your closing date. Since 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 a new house.
You've answered a few questions, given us detailed information, applied online, and the next thing you know, you're moving in! We do the mortgage legwork so you can spend your time finding your new home.
Have questions about the loan process? Call Mid America Mortgage Company NMLS 150009 at (866) 298-0700. Mid America Mortgage Company NMLS 150009 answers loan process questions every day.