Consumer Guide
Click here to download printable 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.
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.
- •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.
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.
