Frequently Asked Questions

Q:           My lender provided me with a pre-approval letter.  How does the lender’s ability to provide me with a full approval of my loan have an effect on the Earnest Money Deposit I put down on the home I am purchasing?

A:            Your real estate contract has an approval date in which your mortgage loan must have final approval.  If you do not have final approval and subsequent find out you do not qualify the earnest money you paid is ask risk and can be lost to the seller.   It is very important the lender you work with have the professional background to assure you are credit, collateral and program qualified.

Q:           When can I expect to receive the final cost figure I need for my closing?

A:            The closing documents and settlement/disbursement of funds between you and the seller/real estate agents/banks that have a lien, will be handled by Escrow or Title company depending on the state you live in.  MegaStar is committed to providing the lenders side of the figures to Escrow/Title 3 business days prior to final settlement of the loan closing allowing you time to plan.

Q:           My primary contact has always been the loan officer.  Who else within the process will I have to work with?

A:            MegaStar hires seasoned professional loan officers that are empowered to manage their loans from application to underwriting approval to closing.  Our local offices have the ability to work directly with you to assure a smooth transaction.

Thank you for allowing MegaStar Financial the opportunity to service you!