About the Loan Process
There is little question ; getting a mortgage loan is a complicated process. You wouldn't be visiting our site if it were possible to complete a one-page loan app and get an excellent loan check cut the same day. We do most of the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
There are four main steps involved in getting a loan.
Step one: determine how much you can borrow
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? 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. 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: pre-qualify for your loan
This is where MGM Mortgage Inc. will start to save you money. You will supply info on your current job, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We get your permission to run your credit score and report. After we've finished reviewing your information, we'll provide a pre-qualificaiton letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're looking for your new house with your agent, we find the best program for you.
Once you've made an offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can do it online, right here on our site. At the end of this step, we'll order an appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to decide on a title company to handle the funding of your loan. We'll work with this company to make sure the papers your lender will need are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe coordinate with this company on your date of closing. Because you don't have to coordinate this process, you get to think about moving logistics, if you're going to repaint, carpet, and the fun parts of getting your new home.
You've answered some few questions, given us lots of information, applied , and the next thing you know, you're deciding when to move in! MGM Mortgage Inc. is in the business of mortgage loans; you're not — so we do the work. Makes sense, doesn't it??
Have questions about the loan process? Call MGM Mortgage Inc. at 800-555-6144. MGM Mortgage Inc. answers loan process questions every day.