The Four Steps of the Loan Process:The Loan Process: Four Steps
There's a lot involved when you get a mortgage loan. You wouldn't be here on our site if it were possible to complete a simple loan app and receive the best loan check cut the same day. 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 getting a mortgage loan.
Step one: Decide how much you can afford
A couple of factors determine this amount. 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. 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: pre-qualify for your loan
This is where New Millennium Mortgage Co. NMLS: 331173 can start saving you money. You will give us info about your employment, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). We will go over this information and give you a pre-qualification letter. Handle it with care — it can be a useful tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. While you're looking for your new house with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
After you've signed an offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan could not be much easier; you can apply any time right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order a professional appraisal on the home.
Step four: your loan is funded
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. We'll coordinate with this company to ensure the papers your lender will require are in order, and you'll probably}likely sign everything at their officeWe coordinate with this company on your closing date. Because you won't need to coordinate this process, you get to think about moving logistics, paint colors, new carpet, and the fun parts of getting your new home.
You've answered some few questions, provided lots of information, applied , and the next thing you know, you are deciding when to move 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 make sense?
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.