The Loan Mortgage Process: Four Steps

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There can be little question, getting a mortgage loan is a complicated process. You wouldn't be researching mortgage loans if it were possible to get a loan in a single day by filling out a simple application. But MainStreet Mortgage 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: Determine how much you can borrow

A couple of factors determine this amount. 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 can guide you to the right loan amount and best program for you when you answer a few 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 MainStreet Mortgage can really save you money. You will give us information on your employment, assets, and residence history. Once we get your permission, we will run your credit score and report. We'll review all of this info and will give you a pre-qualification letter. Your agent will likely use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're deciding on your new home, we are researching the loan that best fits your needs.

Step three: Apply for your loan

Once you've made an offer and it's been accepted, it's time to complete the loan application. It's very easy, and you can do it online, right here on our site. When the time is right, we will order an appraisal of your new home.

Step four: Your loan is funded

Your REALTOR® and the sellers will coordinate to find a title company to handle the funding of your loan. We'll work with this company to ensure all the papers your lender needs are in order, and you will probably sign everything at this company's office. We do all the work to coordinate with the title company to set your date to close. Since you will not need to coordinate this process, you get to concentrate on the move, painting, carpet, and all the details of moving into a new home.

You've answered a few questions, given us detailed information, applied online, and the next thing you know, you're moving in! MainStreet Mortgage is in the business of mortgage loans; you're not — so we do the work. Doesn't that make sense?

Have questions about the loan process? Call MainStreet Mortgage at (818) 874-9900. MainStreet Mortgage answers loan process questions every day.