Our Mortgage Magic Turns Dreams Into Reality
Learn How Mortgage Financial Services Can Help You Purchase Your Next Home
Home Buying Made Easy
We can find the perfect mortgage for your new home
Our Process
Initial Meeting With a Member of Our Dream Team
You will connect with a member of our team that is knowledgeable about your area, financial situation, and mortgage product you’re looking for. When you have the best in your corner, a better mortgage is inevitable.
Submission of application and financial documents for review
We’ll review your current financial standings to see which mortgage options are available to you. This can be done the old fashion way, face to face and pen to paper or electronically through our mobile app.
Proposing Mortgage Options
Our experts will advise you on the best options we have for your mortgage. With a variety of mortgage products, we can find one that fits your needs perfectly.
Proposing Mortgage Options
Your Loan Officer and team will assist you in completing your loan application. They will request all necessary documentation from you, and then submit your application to our underwriting team.
Once your loan is approved, it will seamlessly move into the closing phase.
After the underwriter reviews and approves your loan, they may require additional documentation. This will likely include information from your title company. Once all documents are received, your loan will be prepped for closing!
All that’s left? Pick up your keys and enjoy the start to a new chapter of your life!
Providing you with five-star experience is our goal, and we hope we have fulfilled that. Remember, we want to be your Lender for Life!
Our Process
Initial Meeting With a Member of Our Dream Team
You will connect with a member of our team that is knowledgeable about your area, financial situation, and mortgage product you’re looking for. When you have the best in your corner, a better mortgage is inevitable.
Submission of application and financial documents for review
We’ll review your current financial standings to see which mortgage options are available to you. This can be done the old fashion way, face to face and pen to paper or electronically through our mobile app.
Proposing Mortgage Options
Our experts will advise you on the best options we have for your mortgage. With a variety of mortgage products, we can find one that fits your needs perfectly.
Application presented to our in-house underwriting team for approval.
Your Loan Officer and team will assist you in completing your loan application. They will request all necessary documentation from you, and then submit your application to our underwriting team.
Once your loan is approved, it will seamlessly move into the closing phase.
After the underwriter reviews and approves your loan, they may require additional documentation. This will likely include information from your title company. Once all documents are received, your loan will be prepped for closing!
All that’s left? Pick up your keys and enjoy the start to a new chapter of your life!
Providing you with five-star experience is our goal, and we hope we have fulfilled that. Remember, we want to be your Lender for Life!
Ready to Get Started?
Make Sure You Have These Documents Ready to Share.
Upon your initial application, the borrower will authorize MFS to pull their Credit report to ensure that they have an acceptable credit score and no red flags on past credit like bankruptcy or other financial issues.
Documentation will need to be provided in order to substantiate the mortgage supplication these documents will include:
- W-2’s from the last two years.
- Tax Returns from the last two years.
- Pay stubs from the last 2 months.
- Driver’s License, Social Security and any other document the Loan Officer request
- Asset information including statements from all bank accounts such as checking, savings, and retirement accounts.
- Any additional income asset or liability information like dividends, overtime, pension, child support, etc.
- Divorce decree, bankruptcy papers, if applicable.
Why Work with Mortgage Financial Services When Purchasing a Home?
Working with the right mortgage lender is important. See what our hundreds of happy customers have to say about their experience working with our Dream Team!
Frequently Asked Questions About Buying a Home
What is the difference between pre-qualification and pre-approval?
Pre-qualification is an initial assessment of your finances to estimate how much you might be able to borrow. Pre-approval is a more detailed evaluation, including a credit check, that gives you a specific loan amount you’re approved for, making you a more credible buyer to sellers.
How much do I need for a down payment?
The down payment amount typically ranges from 3% to 20% of the home’s purchase price. Some loan programs, like VA loans, may allow you to buy a home with no down payment.
What are closing costs, and how much should I expect to pay?
Closing costs are fees associated with finalizing your mortgage, including appraisal fees, title insurance, and attorney fees. They typically range from 2% to 5% of the home’s purchase price.
What is a mortgage interest rate, and how does it affect my monthly payment?
The mortgage interest rate is the cost of borrowing money to buy a home. A higher interest rate means higher monthly payments. Fixed-rate mortgages have consistent payments, while adjustable-rate mortgages (ARMs) may start lower but can change over time.
How important is my credit score when buying a home?
Your credit score significantly affects your mortgage eligibility and the interest rate you’ll receive. A higher score generally qualifies you for better rates, reducing your overall cost of borrowing.
What is an escrow account, and why do I need one?
An escrow account is set up by your lender to pay property taxes and homeowners insurance on your behalf. It ensures that these bills are paid on time and helps you manage these expenses as part of your monthly mortgage payment.
Should I get a home inspection?
Yes, a home inspection is crucial. It uncovers potential issues with the home that may not be visible during a walkthrough, such as structural problems, plumbing issues, or pest infestations. This can save you from costly repairs in the future.
What is private mortgage insurance (PMI), and when do I need to pay it?
PMI is insurance that protects the lender if you default on your loan. It’s typically required if your down payment is less than 20% of the home’s purchase price. PMI can be canceled once you’ve built enough equity in your home.
How long does it take to close on a house?
The closing process typically takes 30 to 45 days from the time your offer is accepted. This timeline can vary depending on the complexity of the transaction, the lender’s requirements, and how quickly all parties can complete their responsibilities.