The Mortgage Loan Process: an Overview
Shopping for a mortgage? We'll be glad to talk about our mortgage offerings! Give us a call at (216) 524-8500. Ready to get started? Apply Here
There's quite a lot involved in order to 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. But MGM Mortgage Company does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important steps involved in obtaining a loan.
Step one: Decide on your maximum loan amount
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. And we can guide you to the right loan amount and best program for you when you answer a few 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 the rubber meets the road and you save the most money. You will provide information about 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 reviewed this information, we'll provide a pre-qualification letter. Be careful with this letter — it can be a useful 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 shopping for a new home with your real estate agent, we find the best program for you.
Once you have made the offer and it's been accepted, it's time to complete the loan application. It couldn't be easier, and you can apply online, right here on our site. After the offer has been accepted and you have applied for your loan, we will order the professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will coordinate to find an escrow/title company to take care of the funding of your loan once it's approved. We'll work with this company to make sure the papers your lender will need are available, and you'll probably}likely sign all these papers at this company's officeWe do all the work to coordinate with this company on your date of closing. Because you don't need to coordinate this process, you get to concentrate on the move, painting, new carpet, and the fun parts of getting your new house.
You've answered a few questions, provided lots of information, applied , and Before you know it, you'll be moving! We do the legwork so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call MGM Mortgage Company at (216) 524-8500. MGM Mortgage Company answers loan process questions every day.