How the Loan Process Works

Make no mistake, there's a lot involved when you get a mortgage loan. You wouldn't be here on our site if you could fill out a simple loan app and receive a great 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 main steps involved in obtaining a loan.

Step one: Decide how much you can afford

This is a function of a couple things. 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. We'll also help you through different scenarios by asking a few simple questions. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.

Step two: complete a pre-qualification

This is where the rubber meets the road and you save the most money. You will give us details on your employment, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission. We will go over all this information then give you a letter of pre-qualification. With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're picking out your new home, we're busy researching the loan program that's just right for your unique situation.

Step three: apply now! We make it easy

Once you have made the offer and it's been accepted, you should complete the loan application. It's very easy, and you can do it online, right here on our website. Finally, we'll order an appraisal of your new home.

Step four: funding

Your REALTOR® and the seller's will work together to find an escrow/title company to take care of 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'll probably}likely sign everything at their officeWe do all the work to coordinate with the title company on your date of closing. Since you don't have to worry about these details, you can concentrate on moving logistics, paint colors, new carpet, and the fun parts of moving into your new home.

You've answered a few questions, given us lots of information, applied , and Before you know it, you're moving! New Millennium Mortgage Co. NMLS: 331173 is a mortgage specialist; you're not — so we do the work. Makes sense, doesn't it??

Have questions about the loan process? Call New Millennium Mortgage Co. NMLS: 331173 at (941) 366-5800. It's our job to answer lending questions, so we're happy to help!