Consumer Guide

First Time Homebuyers
Today, more Americans than ever are buying homes, making the dream of homeownership a reality.  Midland Mortgage Corporation has assembled the most important information in an easy-to-follow format to make homeownership happen for you. We take you through the entire process, but before you start, it is essential that you do some basic groundwork.

Follow these steps to save time and find the perfect home for you and your family well within your budget.

Establish your financial profile
Get a credit report and begin learning more about credit scores. There are various ways by which you may be able to rectify any problems that may exist in your credit history.

Develop a realistic household budget
Determine how much money you earn and how you spend it. Decide how much house is affordable for you.


Finding Your House
Finding your home is one of the most enjoyable aspects of the home buying process, but you should follow a few preliminary steps in order to ensure efficiency.

Pre-qualify
Complete our online loan inquiry form.  A Midland Mortgage Corporation Mortgage Consultant will be happy to assist you in the pre-qualification process.  Our Mortgage Consultant will contact you in 1-2 business days.

Find Your Perfect Home
Identify and distinguish between your housing needs and wants.  Do you need a certain number of bedrooms or bathrooms?  Do you prefer large, open interior spaces, or smaller, private spaces?  Do you need a spacious yard to plant roses or build your kids’ tree house, or is the convenience of a maintenance-free outdoor yard more appealing?  Once you have devoted some thought to these concerns and compiled a list of your housing needs and wants, you’ll have a much better idea of the perfect house for you.

Buying a Home
Mortgage Basics: How to Get a Mortgage
Midland Mortgage Corporation makes the mortgage process simple.

The first step in the loan process is getting pre-qualified. This is the perfect time to begin our pre-qualification process if you haven’t already done so. It allows you to take two steps at once.
Give some consideration to the type of mortgage you want. We have provided description of the most common loan products for you to review.
The next step in the loan process is the loan interview with your Midland Mortgage Corporation Mortgage Consultant.

Be prepared to provide your financial records, including last year’s W-2 or tax returns, pay stubs for the last 30 days and two months of bank statements. You will also need to discuss your capacity to repay the debt of the loan, your credit history, and your financial ability to make a down payment and meet closing costs.


Refinance
The Refinancing Process:
Did you know that your monthly payments could be lowered, allowing more available funds for your personal uses?
The refinancing process is similar to the one you followed when you got your first mortgage. Basically, refinancing involves paying off your existing mortgage and taking out a new one. Your new mortgage could be at a more attractive interest rate, for a different term, or an entirely different type of mortgage (such as refinancing from an adjustable rate to a fixed rate mortgage).

If it has been a few years since you got your current mortgage, some of the terminology you'll hear as you consider refinancing may be similar, but other words may be new to you. You may recognize words such as credit report, but phrases like prepayment penalties or discount points may be less familiar. As you proceed through this section, refer at any time to our glossary of mortgage- and lending-related words and phrases. It will help you when you discuss your refinancing options with Midland Mortgage Corporation.

Ask yourself several questions when considering whether to refinance. How long do you plan to stay in your home? Is the current mortgage interest rate more attractive than the one you have? How much equity do you have in your home?  Midland Mortgage Corporation is happy to provide you with information about interest rates, as well as any costs associated with refinancing. Learn more about the types of loan programs offered by Midland Mortgage Corporation by accessing the Loan Programs section of this web site.