The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
There can be little doubt that getting a mortgage loan is a complicated process. You wouldn't be looking up loan information if it were possible to get a mortgage loan in a single day by filling out a simple application. 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.
Getting a mortgage loan involves four major milestones.
Step one: Decide on your maximum loan amount
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? 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 the process really begins and New Millennium Mortgage Co. NMLS: 331173 can really save you money. You will supply details on your current job, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We run your credit score and report. We will review all this info and will provide a letter of pre-qualification. Your REALTOR® should use the pre-qual (as they may call it) in order to make the best offer on the home you choose. 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
After you've made the offer and the sellers accept it, it's time to apply for the loan. It's very easy, and you can do it 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
Your REALTOR® and the seller's will coordinate to designate an escrow/title company to take care of the funding of your loan once it's approved. We'll coordinate with this company to make sure the papers your lender requires are avaiailable, and you'll probably}likely sign everything at their officeWe do all the work to work with with this company on your date to close. Since you don't have to worry with this coordination, you can think about moving, painting, new carpet, and all the details of moving into a new home.
You've answered a few questions, provided lots of information, applied online, and before you know it, you're moving in! New Millennium Mortgage Co. NMLS: 331173 is a mortgage specialist; you're not — so we do the work. Doesn't that make sense?
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.