The Loan Process: An Overview
Make no mistake, there's a lot involved in order to get a mortgage loan. You wouldn't be visiting our website if you could complete a simple loan app and receive the best loan check cut in one day. But Mountain Equity Mortgage, Inc. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Step One: Determine how much you can borrow
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 process really begins and you save the most money. You will provide information on your employment, assets, and residence history. You'll give us your employment, asset, and residence history information. We pull your credit score and report. After we've reviewed this information, we'll provide you with a pre-qualification letter. Be careful with this letter — it can be a useful tool for buying your new home! 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 looking for your new home with your real estate agent, we find the best program for you.
Step Three: Apply now! We make it easy
Once you have made the offer and the sellers have accepted, you should complete the loan application. Applying for a loan couldn't get much easier; you can apply right here on our site. 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
The real estate agents will find a title company to handle the "funding" and closing of the sale. We'll work with this company to ensure the papers your lender will need are available, and you'll probably sign all these papers at their office. We will coordinate with this company on your date to close. Because you don't need to worry with this coordination, you can concentrate on moving logistics, painting, carpet, and all the details of moving into a new home.
Once you've answered a few questions, provided detailed information, and applied online, you're ready to move in! We take care of the loan details so you can spend your time finding the new home that's right for you.