Frequently Asked Questions

We don’t believe in a one-size-fits-all approach, and instead aim to make sure the loan you apply for is the best option for your individual needs. Reach out to Mike Stone and his team at MegaStar to start the process with a conversation about your current situation and financial goals.

During pre-qualification, we collect information about your current and long-term financial goals, as well as your current financial situation. Some of the information we look at includes your income, assets and credit history. We also discuss mortgage options with our clients so they can make an informative decision about the loan type and interest rate that best meets their goals.

Pre-approval takes the process one step closer to approval of a loan: we collect financial documents like your pay stubs, federal tax returns, W2 statements and bank statements that are necessary in applying for approval of the loan type you’ve chosen. The best part? Our team knows exactly which documents you need for each loan type so you don’t have to waste time filling out a bottomless pit of paperwork.

Are your mortgage rates at least 1 or 2% higher than current market rates? It might be time to refinance. Even the smallest difference in rates can lower your monthly payments. Talk to us to see what refinancing options might be a good fit for your current situation.

Mortgage rates fluctuate all the time. Unfortunately, this means that the rates available on the day you apply for a loan may be different by the time you close the transaction. And if the interest rates dramatically increase during your application process, it can significantly increase your payments. However, lenders can allow borrowers to “lock-in” the loan’s interest rates and guarantee the rate for a specified time period, such as 30-60 days, sometimes for a fee.

Creditors and lenders use a credit scoring system in order to figure out whether they should give you more credit. They typically use information about your past and current credit experiences, such as your bill-paying history, the number and age of accounts you have, what types of credit accounts you have, whether you’ve ever had late payments, and if there are any collection actions or outstanding debt on your report. The higher your credit score, the more “creditworthy” you are in the eyes of lenders, which is seen as how likely it is that you’ll repay a loan and make payments on time.