Simplifying the Mortgage Loan Process
When applying for a home loan, you likely have many of questions — you may even be wondering, “what is a mortgage?” At Midtowne Mortgage in Macon, Georgia, we’re here to educate you on the process, so you can find a mortgage plan that is in line with your budget.
The Guide For Aspiring Homeowners
Step 1: Prequalification
Before proceeding with acquiring a mortgage, we need to uncover how much you can responsibly borrow. A few factors play into this:
- Your budget for a monthly payment
- Your pre-existing debt, credit score, and employment history
- Your combined household income
Set up a time to have a conversation with your Midtowne Loan Officer to review your income and debts to determine the amount you can pay for a house. In addition, we will review what assets you are planning to use for your down payment and closing costs. After this discussion, your loan officer can provide you a Prequalification letter to begin your home shopping. This is time very well spent! During this time, it’s a good idea to ask any and all questions that you are wondering about. We want all of our clients to feel free to ask us anything so they never feel in the dark during the loan process. We want you to feel confident every step of the way.
To get a better idea of how much a lender may potentially allow you to borrow, contact us or use the calculator below!
Step 2: Application
Once you provide us with your information pertaining to employment, assets, and history of residence, Midtowne Mortgage will be able to start saving you money! We’ll review your information and create a prequalification letter (which your real estate agent may refer to as a pre-qual) to submit offers for homes that are suitable for your family’s financial needs.
Completing an online application takes just 20-30 minutes. Visit our agent’s individual applications below to start the process!
Step 3: Document Submission
Have you signed an offer, and has the seller accepted? Great, it’s time to apply for your loan! Midtowne Mortgage couldn’t make the process easier — all you have to do is fill out our online application, and we’ll handle the rest — like ordering a professional appraisal on the purchased home.
Here is a sample list of documents that need to be initially submitted with your application:
- Copy of current, unexpired Driver’s license
- Last 2 pay stubs
- Last 2 years W-2’s
- Last 2 years of Tax Returns
- Last 2 months of bank statements (all accounts, all pages)
Please note that once a loan is submitted to underwriting, there may be more documents requested but this is the minimum needed to get your application started
Step 4: Begin Your Home Shopping With Confidence!
After you find your dream home and a seller has accepted your offer to purchase their home, we will work closely with you to collect a few more documents that will be needed such as your Purchase Contract and a Homeowners Insurance quote.
Frequently Asked Questions
Why do I need to get Prequalified to Shop for a New Home?
Once you qualify, we can provide a Pre-Qualification Letter (your realtor may call it a ‘prequal letter’) that documents the fact that Midtowne Mortgage is helping you with your mortgage and we have already reviewed some basic financial information.
Why is a Prequalification Letter so important?
Once you locate your dream home and decide to make an offer, being prequalified for a loan helps you:
- Know how much you’re able to offer
- Can make your offer more attractive to the seller because you’ve done your homework
- Many realtors will not put in an offer on your behalf without a prequalification letter, some realtors may not even show you a house without this letter on hand
Why should I Use a Mortgage Broker?
Why do I need to get Prequalified to Shop for a New Home?
Once you qualify, we can provide a Pre-Qualification Letter (your realtor may call it a ‘prequal letter’) that documents the fact that Midtowne Mortgage is helping you with your mortgage and we have already reviewed some basic financial information.
Why is a Prequalification Letter so important?
Once you locate your dream home and decide to make an offer, being prequalified for a loan helps you:
- Know how much you’re able to offer
- Can make your offer more attractive to the seller because you’ve done your homework
- Many realtors will not put in an offer on your behalf without a prequalification letter, some realtors may not even show you a house without this letter on hand
Why should I Use a Mortgage Broker?
Midtowne Mortgage
2614 Riverside Drive,
Macon, GA 31204-1436
Business Hours:
Monday — Friday:
9:00 AM to 6:00 PM
Saturday & Sunday: Closed