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Step #1. Date The Purchase Contract Is Received

Congratulations.  We have received your new purchase contract.

What to Expect:

This is the 1st step of your loan process with Megastar.  When your realtor emails us your contact, this is the date we get started processing your loan.  The sooner we receive the purchase contract the faster we can start the process.  If there is no realtor involved, the borrower will be the one providing us the purchase contract.

Once we receive the contact our Account Set Up Executive Tiina Merrill will be calling and scheduling a time for you to meet with your loan officer to review your loan disclosures.  This can be done in person, via e-sign, or by email.  The faster we can get the documents reviewed the quicker we can get on to the next step in the loan process.

Next Step:

Tiina will also be going over any additional documents that we might need or that might be out dated.  Bringing these documents to your appointment is very important.  This will allow your loan officer to review the updated information for accuracy.  Prior to bringing in your loan documents please be sure to read the information about Cash Deposits Into your bank account.  Verifying your down payment is statistically the #1 thing that can hold your loan up for loan approval.  Its very important that you follow the Cash deposit rules.

Possible Delays

  • Purchase Contract:
    • The sooner we get your purchase contract the sooner we can start your loan process.  The loan could be delayed if we do not receive the contract with in 24-48 hours of being executed.

This is our first educational post in a series about what to expect while financing the purchase of a new home.