Mortgage Process for Home Purchase

What to Expect during the Mortgage Process for Home Purchase

Below you will learn about the process involved in obtaining a home loan through Midland Mortgage Corporation. We don’t want there to be any surprises and understand that you want to know what you can expect. We’ll make the entire process headache-free and work with you on the phone or online through each of these steps:

Step One: Establish the Connection and Preferred Communication

We’ll let you decide how you prefer to go through the mortgage process: via phone, e-mail, or online chat. We want to make this easy and comfortable for you. In the first call, we’ll connect you with your personal mortgage expert who will be with you every step of the way through the process.

During the first call, you can expect to answer questions about your mortgage preferences and financial goals. Your mortgage expert will carefully listen and analyze your situation and provide you with honest feedback and suggestions, helping you to meet your objectives.

Step Two: Begin the Financial Analysis

First step in the financial analysis will be to obtain your credit score. This is typical of every mortgage company and will only take a few seconds and is a very simple process. You give us permission and we pull the score.
    

Step Three: Discuss Loan Options

After we have your credit score, we will work to come up with a mortgage option to meet your needs and preferences. Once we do the footwork on our end, we’ll provide you with an estimate for the loan amount for which you qualify. If you agree, we move forward with the preparation of your application and you provide the deposit, which covers the cost of processing your loan. At closing, the deposit is credited against the closing costs.

Step Four: Order the Appraisal

We arrange for the property you wish to purchase to be appraised. This prevents you from taking out a larger mortgage than what your home is actually worth. You don’t want to pay for more than you are getting! So this appraisal process protects you from that scenario.

Step Five: Income, Assets and Debt Verification

We’ll request information such as W-2s, pay stubs, tax forms and documentation of assets to provide verification for your application.

Step Six: Underwrite the Loan

When your appraisal is complete and we have verified your income and assets, we will begin the underwriting process for your loan. We handle all the details behind the scenes, which typically takes approximately 2-3 weeks.

Step Seven: Close the Loan

When the paperwork and underwriting are in place, you give us the word and we schedule the closing. Your mortgage expert will come to you or you will meet at the closing attorney's office to sign the final paperwork, and then it’s time to celebrate your new mortgage!

Mortgage Process for Refinancing

What to Expect during the Mortgage Process for a Refinanced Mortgage

Below you will learn about the process involved in obtaining a refinanced mortgage through Midland Mortgage Corporation. We don’t want there to be any surprises and understand that you want to know what you can expect. We’ll make the entire process headache-free and work with you on the phone or online through each of these steps:

Step One: Establish the Connection and Preferred Communication

We’ll let you decide how you prefer to go through the refinanced mortgage process: via phone, e-mail, or online chat. We want to make this easy and comfortable for you. In the first call, we’ll connect you with your personal mortgage expert who will be with you every step of the way through the process.

During the first call, you can expect to answer questions about your refinanced mortgage preferences and financial goals. Your mortgage expert will carefully listen and analyze your situation and provide you with honest feedback and suggestions, helping you to meet your objectives.

Step Two: Begin the Financial Analysis

First step in the financial analysis will be to obtain your credit score. This is typical of every mortgage company and will only take a few seconds and is a very simple process. You give us permission and we pull the score.
    

Step Three: Discuss Refinancing Loan Options

After we have your credit score, we will work to come up with a mortgage refinancing option to meet your needs and preferences. Once we do the footwork on our end, we’ll provide you with an estimate for the loan amount for which you qualify. If you agree, we move forward with the preparation of your application and you provide the deposit, which covers the cost of processing your loan. At closing, the deposit is credited against the closing costs.

Step Four: Order the Appraisal

We arrange for appraisal of your home. The home appraisal is essential when refinancing because loan-to-value ratios determine the amount of money you can borrow.

Step Five: Income, Assets and Debt Verification

We’ll request information such as W-2s, pay stubs, tax forms and documentation of assets to provide verification for your application.

Step Six: Underwrite the Refinanced Loan

When your appraisal is complete and we have verified your income and assets, we will begin the underwriting process for your refinanced loan. We handle all the details behind the scenes, which typically takes approximately 2-3 weeks.

Step Seven: Close the Loan

When the paperwork and underwriting are in place, you give us the word and we schedule the closing. At the closing meeting, your mortgage expert will review the settlement statement and you will sign it among other loan documents, including the deed of trust, note and Truth in Lending disclosure. You will submit a cashier’s check or certified check to pay closing costs if there are any or the closing cost by be financed into your new loan. And then you are free to enjoy the benefits of your new refinanced loan. If you are refinancing your home and will be obtaining cash from the closing, please remember that there is a 3 day right of rescission with all refinances in the state of SC.