An Overview of the Loan Process
Make no mistake, there's quite a lot involved when you get a mortgage. You would not be researching mortgage loans if it were possible to get a loan in one day with a simple application. We do most of the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
Getting a home loan involves four major steps.
Step one: determine how much you can borrow
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 to save you money. You will give us info about your current job, your assets, and residence history. You'll supply information on your employment, asset, and residence history. We get your permission to pull your credit score and report. When we review all this info we provide a letter of pre-qualification. Your REALTOR® will likely use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're looking for a new home with your real estate agent, we find the best program for you.
After you've made an offer and the sellers have accepted, you should apply for the loan. Applying for a loan could not get much easier; you can apply online right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to designate an escrow/title company to handle the funding of your loan. We'll coordinate with this company to ensure all the papers your lender will require are in order, and you will probably}likely sign everything at this company's officeWe work with with this company on your closing date. Since you won't have to worry with this coordination, you can think about the move, if you're going to repaint, carpet, and the fun parts of getting a new house.
You've answered some few questions, given us detailed information, applied , and Before you know it, you'll be moving in! We take care of the loan details so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call New Millennium Mortgage Co. NMLS: 331173 at (941) 366-5800. New Millennium Mortgage Co. NMLS: 331173 answers loan process questions every day.