The Mortgage Loan Process: an Overview

There's no question ; getting a mortgage is a complicated process. You would not be researching mortgage loans if you could get a mortgage loan in one day by filling out a simple application. But Mortgage Headquarters of Missouri, Inc does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

Getting a loan involves four major milestones.

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? What is the maximum you can borrow from a lender, given your income and credit history? 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 give us information about your employment, assets, and residence history. You'll provide information on your employment, asset, and residence history. We get your permission to pull your credit score and report. We will review this information and give you a letter of pre-qualification. Be careful with this letter — it is a great tool when you make your offer! 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 deciding on the home that's right for you, we're busy finding the loan that's right for you.

Step three: apply now! We make it easy

Once you have made the offer and the sellers have accepted, you should complete the loan application. Applying for a loan couldn't be much easier; you can apply any time right here on our site. After the offer has been accepted and you have applied for your loan, we will order a professional appraisal on the home.

Step four: your loan is funded

Your real estate agent and the seller's will work together to find an escrow/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 requires are avaiailable, and you will probably}likely sign all these papers at this company's officeWe coordinate with the title company on your date to close. Because you don't need to worry about these details, you get to think about the move, paint colors, new carpet, and the details involved in moving into your new house.

You've answered some few questions, provided lots of information, applied , and before you know it, you're moving in! We take care of all the loan details so you can spend your time finding the new home that's right for you.

Have questions about the loan process? Call Mortgage Headquarters of Missouri, Inc at 5733029990. Mortgage Headquarters of Missouri, Inc answers loan process questions every day.