The Mortgage Loan Process: an Overview

There is little question ; getting a mortgage is a complicated process. You would not be researching mortgage loans if you could get a loan in one day with a simple application. But Michigan United Mortgage, LLC does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

Getting a mortgage loan involves four major steps.

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? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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 quewstions. 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 Michigan United Mortgage, LLC 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 will pull get your credit report and score (with your permission, of course). When we review all this information we will give you a pre-qualification letter. Your real estate agent will use your pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're looking for a new home with your REALTOR™, we find the best program for you.

Step three: apply for your loan

Once you have made an offer and it's been accepted, it's time to complete the loan application. Applying for your loan couldn't be much easier; you can apply from the comfort of your home right here on our site. When the time is right, we'll order the appraisal of your new home.

Step four: your loan is funded

The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll coordinate with this company to make sure all the papers your lender needs are avaiailable, and you'll probably}likely sign everything at their officeWe do all the work to work with with this company on your date to close. Since you will not need to coordinate this process, you get to concentrate on the move, paint colors, new carpet, and the fun parts of getting a new house.

You've answered a few questions, given us detailed information, applied , and the next thing you know, you're moving in! Michigan United Mortgage, LLC is a mortgage specialist; you're not — so we do the work. Makes sense, doesn't it??

Have questions about the loan process? Call Michigan United Mortgage, LLC at 810-844-2224. We answer questions about the loan process every day.