An Overview of the Mortgage Loan Process

There's no doubt that getting a mortgage is a complex process. You would not be looking up loan information if you could get a mortgage loan in one day by filling out 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? 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 quewstions. 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: complete a pre-qualification

This is where the rubber meets the road and you save the most money. You will give us info on your current job, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission, of course). After we've reviewed the provided information, we'll provide a pre-qualificaiton letter. Handle it with care — it is a great 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 picking out the home that's right for you, we are finding the best loan for you.

Step three: apply for your loan

After you've signed the offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan could not be much easier; you can apply any time right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll 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 coordinate with this company to ensure all the papers your lender will need are in order, and you will probably}likely sign all these papers at this company's officeWe do all the work to work with with the title company to set your date of closing. Since you will not have to worry about these details, you can concentrate on moving, paint colors, new carpet, and the fun parts of getting your new home.

You've answered some few questions, provided detailed information, applied online, and before you know it, you're moving in! We take care of the loan details so you can focus on finding your new home.

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