The Four Steps of the Loan Process:The Loan Process: Four Steps

There can be no doubt that getting a mortgage loan is a complicated process. You would not be looking up loan information if you could get a loan in one 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.

There are four primary steps involved in getting a mortgage loan.

Step one: Decide on your maximum loan amount

A couple of factors determine this amount. What kind of monthly payment are you looking for? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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. 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 rubber meets the road and you save the most money. You will supply info on your employment, assets, and residence history. You'll provide information on your employment, asset, and residence history. We will get your credit report and score (with your permission, of course). We'll go over all this information and provide a pre-qualification letter. Be careful with this letter — it is a useful tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're deciding on the home that's right for you, we're busy researching the loan that's right for your situation.

Step three: apply now! We make it easy

Once you've made the offer and it's been accepted, it's time to apply for the loan. Applying for your loan couldn't be much easier; you can apply right here on our site. When the time is right, we'll order the 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" of the loan and closing. We'll coordinate with this company to make sure all the papers your lender requires are in order, and you'll probably}likely sign all these papers at this company's officeWe coordinate with this company on your date of closing. Since you don't need to coordinate this process, you get to think about the move, if you're going to repaint, new carpet, and the details involved in moving into your new house.

You've answered a few questions, given us lots of information, applied online, and Before you know it, you're moving! We take care of the mortgage legwork so you can spend your time finding your new home.

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!