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

There can be no question that getting a mortgage is a complex process. You wouldn't be visiting our website if it were possible to fill out a one-page loan app and get the best loan check cut the same 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 is where the rubber meets the road and you save the most money. You will give us information on your current job, assets, and residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission. After we've finished reviewing your information, we'll give you a pre-qualificaiton letter. Your agent will likely use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for a new home with your agent, we find the best program for you.

Step three: apply now! We make it easy

Once you've made an offer and it's been accepted, you should complete the loan application. It's very easy, and you can apply online, right here on our website. After the offer has been accepted and you have applied for your loan, 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 the papers your lender requires are in order, and you will probably}likely sign everything at their officeWe coordinate with this company on your closing date. Because you will not have to worry about these details, you can concentrate on moving, if you're going to repaint, new carpet, and the fun parts of moving into your new home.

You've answered a few questions, given us detailed information, applied , and before you know it, you're moving in! New Millennium Mortgage Co. NMLS: 331173 is a mortgage specialist; you're not — so we take care of the details. Doesn't that make sense?

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!