An Overview of the Mortgage Loan Process
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There can be little doubt that getting a mortgage loan is a complicated process. You would not be looking up loan information if you could get a mortgage loan in one day with a simple application. But Morningstar Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major milestones.
Step one: Decide how much you can afford
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. We'll also help you through different scenarios by asking a few simple questions. Because lender guidelines are fairly standard, we can give you a good idea of how much you can borrow after a short conversation.
Step two: pre-qualify for your loan
This step is where Morningstar Mortgage can begin to save you money. You will supply details on your employment, assets, and your 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, of course). We'll go over this information and provide 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 house with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
Once you've made an offer and it's been accepted, it's time to apply for the loan. Applying for a loan couldn't be much easier; you can apply from the comfort of your home right here on our site. Finally, we will order the appraisal of your new 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 needs are available, and you will probably}likely sign everything at their officeWe do all the work to coordinate with the title company to set your date to close. Because you don't need to worry with this coordination, you get to think about moving, paint colors, carpet, and the fun parts of getting a new house.
You've answered some few questions, given us detailed information, applied , and before you know it, you're deciding when to move in! Morningstar Mortgage is in the business of mortgage loans; you're not — so we do the work. Makes sense, doesn't it??