How the Loan Process Works
No doubt, a lot involved in oder to get a mortgage. You would not be looking up loan information if it were possible to get a mortgage loan in one day by filling out a simple application. But New Millennium Mortgage Co. NMLS: 331173 does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major milestones.
Step one: Decide how much you can afford
This is a function of a couple things. What kind of monthly payment are you looking for? What is the maximum you can borrow from a lender, given your income and credit history? You can get a good idea of your preferred payment abount using the calculators on our website. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. Because lender guidelines are fairly standard, we can give you a good idea of how much you can borrow after a short conversation.
Step two: complete a pre-qualification
This step is where New Millennium Mortgage Co. NMLS: 331173 will begin saving you money. You will provide details on your employment, your assets, and residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission, of course). When we review this info we give you a pre-qualification letter. With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're picking out the home that's right for you, we are researching the loan that best fits your needs.
Once you have signed the offer and the sellers have accepted, it's time to apply for the loan. It's very easy, and you can do it online, right here on our website. Finally, we'll order the appraisal of your new home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll coordinate with this company to make sure all the papers your lender requires are in order, and you'll probably}likely sign all these papers at this company's officeWe coordinate with the title company to set your closing date. Because you don't have to worry about these details, you get to concentrate on the move, painting, carpet, and the fun parts of moving into a new home.
You've answered a few questions, provided lots of information, applied , and the next thing you know, you are deciding when to move in! We do the mortgage legwork so you can focus on finding your new home.
Have questions about the loan process? Call New Millennium Mortgage Co. NMLS: 331173 at (941) 366-5800. It's our job to answer lending questions, so we're happy to help!