How the Loan Process Works
No doubt, a lot to do when you get a mortgage. You would not be looking up loan information if it were possible to get a loan in one day with a simple application. But New Millennium Mortgage Co. NMLS: 331173 does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major milestones.
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? 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: complete a pre-qualification
This step is where New Millennium Mortgage Co. NMLS: 331173 can start saving you money. You will give us information about your current job, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We get your permission to run your credit score and report. We will review all this information then will provide 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 looking for a new house with your real estate agent, we find the best program for you.
Once you've made the offer and it's been accepted, it's time to complete the loan application. Applying for a loan could not be much easier; you can apply right here on our site. At the end of this step, we'll order the appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to decide on a title company to handle the funding of your loan once it has been approved. We'll work with this company to make sure all the papers your lender needs are in order, and you will probably}likely sign all these papers at this company's officeWe work with with this company on your date to close. Because you won't need to worry about these details, you get to concentrate on moving logistics, painting, carpet, and the fun parts of moving into a new home.
You've answered a few questions, given us lots of information, applied , and Before you know it, you'll be moving in! We do the mortgage 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.