How the Loan Process Works
No doubt, a lot involved when you get a mortgage loan. You wouldn't be looking up loan information if you could get a loan in one day with a simple application. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
Getting a home loan involves four major milestones.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. 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 abount using the calculators on our website. 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 process really begins and you save the most money. You will provide information about your current job, assets, and residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (with your permission, of course). After we have gone over all this information we will provide a letter of pre-qualification. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for your new home, we are finding the best loan for you.
Once you've made an offer and the sellers have accepted, you should complete the loan application. Applying for a loan could not get much easier; you can apply online right here on our site. When the time is right, we'll order the appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to designate a title company to take care of the funding of your loan once it has been approved. We'll work with this company to make sure the papers your lender will require are in order, and you will probably}likely sign everything at their officeWe do all the work to coordinate with the title company on your date of closing. Since you won't need to worry with this coordination, you get to think about the move, painting, carpet, and the fun parts of getting your new home.
You've answered some few questions, given us detailed information, applied , and the next thing you know, you're deciding when to move in! Mortgage Headquarters of Missouri, Inc is in the business of mortgage loans; you're not — so take care of the details. Makes sense, doesn't it??
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.