The Four Steps of the Loan Process:The Loan Process: Four Steps
There is no question ; getting a mortgage is a complex process. You wouldn't be visiting our site if you could fill out a one-page loan app and receive a great loan funded the same day. 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.
There are four main steps involved in getting a mortgage loan.
Step one: determine how much you can borrow
A couple of factors determine this amount. How much of a monthly payment can you afford? 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. 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: pre-qualify for your loan
This is where New Millennium Mortgage Co. NMLS: 331173 will begin to save you money. You will provide info about your employment, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We get your permission to run your credit score and report. After we have reviewed this information we provide a pre-qualification letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for a new house with your real estate agent, we find the best program for you.
Once you have made the offer and it's been accepted, it's time to apply for the loan. It couldn't be easier, and you can apply online, right here on our website. Finally, we will order an appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will coordinate to find a title company to handle the funding of your loan once it's approved. We'll coordinate with this company to ensure the papers your lender needs are avaiailable, and you will probably}likely sign everything at this company's officeWe coordinate with this company on your closing date. Since you won't have to coordinate this process, you get to think about moving, paint colors, new carpet, and all the details of getting your new home.
You've answered some few questions, given us lots of information, applied , and before you know it, you're moving in! New Millennium Mortgage Co. NMLS: 331173 is in the business of mortgage loans; you're not — so we take care of the details. Doesn't that sound nice?
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.