The Four Steps of the Loan Process:The Loan Process: Four Steps
There's quite a lot to do when you get a mortgage. You wouldn't be here on our website if it were possible to complete a simple loan app and receive the best loan check cut in one day. 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 steps.
Step one: Decide on your maximum loan amount
This is a function of a couple things. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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. 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: pre-qualify for your loan
This step is where New Millennium Mortgage Co. NMLS: 331173 will begin saving you money. You will provide information about your employment, assets, and 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. We'll go over all this info and will provide a letter of pre-qualification. Be careful with this letter — it is a useful tool when you make your offer! Your agent should use the 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 looking for your new house with your real estate agent, we find the best program for you.
Once you've made an offer and it's been accepted, you should apply for the loan. Applying for your loan could not be much easier; you can apply from the comfort of your home right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order the professional appraisal on the 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 work with this company to ensure all the papers your lender will require are in order, and you'll probably}likely sign everything at their officeWe work with with this company to set your closing date. Since you won't need to coordinate this process, you can concentrate on moving, paint colors, new carpet, and the details involved in getting your new home.
You've answered a few questions, given us detailed information, applied online, and before you know it, you are moving in! We do the mortgage legwork so you can focus on finding your new home.
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.