The Mortgage Loan Process: An Overview

There is no doubt that getting a mortgage is a complex process. You wouldn't be visiting our site if you could fill out a one-page mortgage application and get a great loan funded in one day. But Mac 5 Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

Step One: Determine how much you can borrow

A couple of factors determine this amount. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? You can get a good idea of your preferred payment amount 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 Mac 5 Mortgage will start to save you money. You will supply info on your current job, assets, and your residence history. You'll supply your employment, asset, and residence history information. We run your credit score and report. After we have reviewed all this information we will give you a pre-qualification letter. Be careful with this letter — it can be a great tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for a new house with your agent, we find the best program for you.

Step Three: Apply now! We make it easy

Once you've made an offer and it's been accepted, it's time to complete the loan application. Applying for a loan could not be 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: Funding

Your real estate agent and the sellers will coordinate to designate a title company to take care of the funding of your loan. We'll work with this company to make sure all the papers your lender will need are available, and you'll likely sign everything at this company's office. We will coordinate with the title company to set your closing date. Because you don't have to worry about these details, you get to concentrate on moving, paint colors, carpet, and all the details of getting your new house.

After you have answered some few questions, provided lots of information, and applied, you're ready to move in! We take care of the loan details so you can focus on finding the new home that's right for you.

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