The Mortgage Loan Process: an Overview
No doubt, a lot involved when you get a mortgage loan. You wouldn't be visiting our website if it were possible to complete a simple application and get a great loan check cut the same day. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
There are four main steps involved in obtaining a loan.
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? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.
Step two: complete a pre-qualification
This is where the rubber meets the road and New Millennium Mortgage Co. NMLS: 331173 can really save you money. You will give us details on your current job, assets, and your 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). We'll review this information then provide a pre-qualification letter. Your agent will likely use the pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're deciding on the home that's right for you, we're busy finding the loan program that's right for your situation.
Once you have made an offer and it's been accepted, you should complete the loan application. It couldn't be easier, and you can apply online, right here on our website. After the offer has been accepted and you have applied for your loan, we will order a professional appraisal on the home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll work 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 their officeWe do all the work to work with with this company to set your closing date. Since you will not need to worry about these details, you get to think about moving, paint colors, carpet, and all the details of moving into a new home.
You've answered a few questions, given us lots of information, applied , and before you know it, you are moving in! We do the mortgage legwork so you can spend your time finding your new home.
Have questions about the loan process? Call New Millennium Mortgage Co. NMLS: 331173 at (941) 366-5800. We answer questions about the loan process every day.