How the Loan Process Works
No doubt, quite a lot to do when you get a mortgage loan. You would not be researching mortgage loans if it were possible to get a loan in a single 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 mortgage loan involves four major steps.
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? 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. We'll also help you through different scenarios by asking a few simple 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 the rubber meets the road and Mortgage Headquarters of Missouri, Inc can really save you money. You will supply information on your current job, assets, and residence history. You'll supply your employment, asset, and residence history information. We get your permission to pull your credit score and report. We will review this info then will give you a letter of pre-qualification. Your REALTOR® will 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 the home that's right for you, we are looking for the best loan for you.
After you've signed the offer and the sellers accept it, it's time to apply for the loan. It's very easy, and you can do it online, right here on our website. After the offer has been accepted and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to designate a title company to take care of the funding of your loan. We'll coordinate with this company to make sure all the papers your lender needs are avaiailable, and you'll probably}likely sign everything at their officeWe coordinate with the title company on your date to close. Because you don't have to worry about these details, you can think about moving, if you're going to repaint, carpet, and the fun parts of moving into a new house.
You've answered a few questions, provided detailed 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 your new home.
Have questions about the loan process? Call Mortgage Headquarters of Missouri, Inc at 5733029990. We answer questions about the loan process every day.