The Loan Process

MegaStar Financial’s Easy 4-Step Loan Process

Whether you’re buying a new home or you’re hoping to refinance for better loan terms, starting the process with MegaStar Financial is simple, thorough and efficient. And Mike’s team is here to help you every step of the way.

Pre-Qualification

The first step in our process is pre-qualification. We’ll start by collecting information about your current and long-term financial goals, as well as your current financial situation with respect to income, assets, and credit. During this step we’ll also walk you through the intricacies and numbers with your mortgage options, so you can make an informative decision about the loan type and interest rate that best meets your individual objectives.

Pre-Approval

Once pre-qualification has been completed, we can help you achieve pre-approval status by collecting other financial documentation that underwriters need for your selected loan. Some of the documents we need in this step typically include pay stubs, federal tax returns, W2 statements, and bank statements. Our team members pride themselves at knowing the specific documentation requirements for every loan type, so you won’t have to feel like you’re filling out a ‘bottomless pit’ of paperwork.

Credit Approval

Once you provide the necessary financial paperwork, an in-house corporate underwriter will review all of the documents and issues an approval decision for the selected loan. The underwriter will also review property-specific documents such as an appraisal, title work, and sales contract (on a home purchase). Once we receive final approval from the underwriter, we are cleared to close the loan.

Closing

During the closing process, our clients sign all of the final loan paperwork and are briefed on the final loan terms. Our team audits the final paperwork for accuracy and provides it to our clients at least three days in advance of their scheduled closing appointment. We want our clients to have the chance to review everything and ask any questions in advance of meeting at the closing table. Our goal is to make sure you are fully informed and comfortable with your mortgage details and that there aren’t any surprises at the closing.