How the Loan Process Works
There's little question that getting a mortgage is a complicated process. You wouldn't be here on our website if you could fill out a simple loan app and get an excellent loan funded in one day. But Mortgage Headquarters of Missouri, Inc does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important steps involved in obtaining a loan.
Step one: Decide how much you can afford
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? 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. 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: complete a pre-qualification
This is where the process really begins and you save the most money. You will give us details on your current job, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). After we've finished reviewing the provided information, we'll give you a pre-qualificaiton letter. Your agent should use your pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for your new home, we are researching the best loan for you.
Once you have made the offer and the sellers accept it, you should apply for the loan. Applying for a loan could not be much easier; you can apply online right here on our site. At the end of this step, we will order the appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will coordinate to find a title company to handle the funding of your loan once it's approved. We'll coordinate with this company to make sure the papers your lender needs are avaiailable, and you will probably}likely sign everything at this company's officeWe work with with the title company to set your date of closing. Since you will not have to coordinate this process, you get to concentrate on moving logistics, paint colors, new carpet, and all the details of moving into your new home.
You've answered a few questions, provided detailed information, applied , and Before you know it, you're moving! We do the mortgage legwork so you can spend your time finding your new home.
Have questions about the loan process? Call Mortgage Headquarters of Missouri, Inc at 5733029990. It's our job to answer lending questions, so we're happy to help!