The Loan Process: an Overview
No doubt, a lot involved in oder to get a mortgage. You wouldn't be visiting our website if it were possible to complete a simple loan app and get a great loan funded in one 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 main 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? 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: pre-qualify for your loan
This is where the process really begins and New Millennium Mortgage Co. NMLS: 331173 can really save you money. You will give us info on your current job, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We pull your credit score and report. After we've finished reviewing the provided information, we'll give you a pre-qualificaiton letter. Your agent should use your 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 picking out the home that's right for you, we're busy researching the loan program that's right for you.
After you've made the offer and the sellers accept it, you should apply for the loan. It couldn't be easier, and you can do it online, right here on our website. When the time is right, we'll order an appraisal of your new home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" and closing. We'll coordinate with this company to make sure the papers your lender needs are in order, and you'll probably}likely sign everything at their officeWe coordinate with this company on your closing date. Because you don't need to worry about these details, you get to think about the move, if you're going to repaint, carpet, and all the details of getting your new house.
You've answered some few questions, provided detailed information, applied online, and the next thing you know, you are moving in! We do the legwork so you can spend your time 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.