Your Mortgage needs are our top priority
Here at Megastar we are committed to educating you in order to make the right decision regarding your home financing. Our staff is dedicated to helping you and your family have the best financing or refinancing experience. When it comes to finding a mortgage lender in Redding California, Megastar Financial has the professionals that care and are able to get the job done.
We are a different breed of lender
Megastar Financial is dedicated to giving back to our community. Our passion is to not only to provide home financing to families but also to impact our community through giving back. Some of the Organizations we support are Nor Cal Think Pink, Local Backpack Giveaway, Wings of Angels, and Living Hope. Check out more about these great causes.
The Loan Process in 10 Easy Steps
Step 1 - STARTING YOUR REFINANCE
Tiina Merril will be giving you a 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.
Step 2 - DISCLOSURE SIGNING DATE
This is the date that the borrower is disclosed the terms of their new loan. Signing these disclosures do not guarantee a loan and do not commit a borrower to going through with the loan. They are only to communicate The government requires the lender to send these disclosures to the borrower with in 3 days of an accepted offer or with in 3 days of applying for a refinance.
Step 3 - SENT TO FULFILLMENT
Our Fulfillment Center is a team of underwriters and processors. There job is to: request verification of employment (if applicable), request the IRS transcripts, request the Social Security verification, review the application and loan documents for accuracy, provide a list of documents (if any) that might have been missed that is needed for underwriting.
Step 4 - APPRAISAL ORDERED
After ordering your appraisal the appraiser will be going out and inspecting the property. The appraisal can take 7 - 10 days to complete. The borrower does not need to be at the property with the appraiser during the inspection. The appraiser normally has a lock box key to access the property. If the appraiser does not have a key they will contact the listing agent to access the property.
Step 5 - APPRAISAL HAS BEEN RECEIVED
The appraiser will give two valuations of the home. Comparison Approach and Cost Approach. These will be different valuations and can sometimes be thousands of dollars different from each other. Here are the different valuation approaches: Comparison Approach or Cost Approach.
Step 6 - FULFILLMENT COMPLETED
Your loan is now back from our fulfillment center. There are 2 outcomes that can happen when your loan comes out of fulfillment: No additional documents needed, loan is ready for Step #7 or Additional documentation is needed prior to advancing to Step #7. We will be letting you know either way. Its important that if there are documents needed, we get them asap so that we can advance to Step #7.
Step 7 - SUBMITTING TO UNDERWRITING
This process is normally 3-4 days and sometimes sooner if we need to rush the file. While your file is waiting to be reviewed by the underwriter there is nothing at this time needed from the borrower. Once the file come out of underwriting the underwriter might have some additional questions in regards to your loan. We will be contacting you immediately once the file has been reviewed with any requests from the underwriter.
Step 8 - OUT OF UNDERWRITING
Once the loan comes out of underwriting we will be contacting you with any questions the underwriter might have and give you the outcome of the loan. Its important to get any conditions the underwriter is requesting to us right away. So that we can submit them back to underwriting for final loan approval.
Step 9 - SENDING FIGURES TO TITLE
We send figures to the title company so that they can prepare a final HUD document. The final HUD document has all the final figures for your loan including: cash to close, credits from the seller, final loan amount. This process is normally 1 - 3 days. Sometimes there corrections with credits and accuracy of the way the costs are allocated between the buyer and seller. Please be patient while we work with the title company to complete your final HUD.
We're Here To Help You Find The Loan that Fits You Best
We can't thank you enough Pete for getting this loan for us. We are so greatful for how quickly this all came together. We have comfortable payments, and a wonderful new home. We are so grateful. Megastar God has blessed you!!! You were always there helping us with any question that arose. Overjoyed with how easy this was for us. From start to finish 31 days. Now that's something to be proud of Pete! If we ever do this again we will be calling you!