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The Loan Process
Refinancing your house or
getting a loan to buy a house can be frightening for
some. One way to gain confidence is to learn how the
loan process works. Below, you will find a
step-by-step procedure of what you can expect when
you work with MSM Mortgage.
Step 1:
Application
Step 2:
Credit Report
Step 3:
Pre-Qualify
Step 4:
Disclosures
Step 5:
Appraisal
Step 6:
Sign Loan Docs
Step 1: Application
The first step in getting a
mortgage loan is to submit an application. Our
experienced loan officers can help you complete this
form. This part of the process provides us with a
better understanding of your personal and financial
situation and helps us identify your property and
reason for the loan.
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Step 2: Credit Report
After an application is filled
out, your loan officer (with your approval of
course) will order a copy of your credit report to
review your payment history with other creditors.
Once we receive the credit report, your experienced
loan officer will be more than happy to go over all
of the pertinent information listed on your credit
report.
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Step 3: Pre-Qualify
At this point of the process,
you get to sit back and relax while your loan
officer does all the work. Because we have access to
over 100 lenders, we are confident that we will get
you a loan program that fits your financial
situation.
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Step 4: Disclosures
Once you receive your loan
program, you will receive disclosures. These
disclosures discuss the parameters of the loan –
from the loan amount to what is being paid off to
what your monthly payment will be. All you have to
do is sign and initial in the assigned areas and
send these back to your loan officer.
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Step 5: Appraisal
How much you can borrow depends
on the value of your home. We have tools that allow
us to get a general idea of what the value of your
house is going to be. However, in order to get a
concrete number we need to get an appraiser to go
out and report to us what the value of your home is
based on comparable sales around the area. An
appraisal usually takes no more than 30 minutes and
can be worked around your schedule.
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Step 6: Sign Loan
Documents
After we receive the
appraiser’s value of your home, your loan officer
will go to work in getting loan docs to you. Once we
receive loan documents, we will get a notary to go
out to your home to have you sign. Again, we will
work around your schedule. During the loan document
signing, your loan officer will be available to
discuss any questions you may have.
Your loan officer and processor
will do all the dirty work not listed above – such
as finding an escrow and title company to handle the
funding of your loan once it is approved. Now that
you know the loan process, you have nothing to be
afraid of.
Call us at
1-888-741-6148 to speak with a
loan officer or click here
to fill out
an application.
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