The Four Steps of the Loan Process:The Loan Process: Four Steps
No doubt, quite a lot to do in oder to get a mortgage. You wouldn't be looking up loan information if you could get a loan in a single day with 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.
There are four primary steps involved in obtaining a loan.
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? Use the calculators on our website to determine your monthly payment amount. We'll also help you through different scenarios by asking a few simple questions. 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 is where the process really begins and New Millennium Mortgage Co. NMLS: 331173 can really save you money. You will provide information on your employment, 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 (with your permission, of course). After we've finished reviewing the provided information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it can be a great tool when you make your offer! Your real estate agent will 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 looking for a new home with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
Once you have signed an offer and the sellers have accepted, you should apply for the loan. Applying for a loan couldn't get much easier; you can apply from the comfort of your home right here on our site. Finally, we'll order the appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will work together to decide on an escrow/title company to handle the funding of your loan once it's approved. We'll coordinate with this company to ensure all the papers your lender requires are in order, and you will probably}likely sign all these papers at this company's officeWe work with with the title company on your date to close. Since you won't have to coordinate this process, you get to concentrate on moving logistics, painting, new carpet, and all the details of moving into your new home.
You've answered some few questions, given us detailed information, applied online, and the next thing you know, you are moving in! New Millennium Mortgage Co. NMLS: 331173 is a mortgage specialist; you're not — so we do the work. Doesn't that sound nice?
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.