How the Loan Process Works
There's no doubt ; getting a mortgage is a complicated process. You would not be researching mortgage loans 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 important steps involved in obtaining a mortgage loan.
Step one: determine how much you can borrow
A couple of factors determine this amount. 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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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: complete a pre-qualification
This is where New Millennium Mortgage Co. NMLS: 331173 can begin to save you money. You will provide details about your employment, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We run your credit score and report. After we've reviewed this information, we'll provide you with a pre-qualificaiton letter. Your real estate agent will likely 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 shopping for the home that's right for you, we're busy finding the loan program that's right for your situation.
Once you have made the offer and the sellers accept it, it's time to apply for the loan. Applying for a loan couldn't get much easier; you can apply any time right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will coordinate to decide on an escrow/title company to take care of the funding of your loan. We'll coordinate with this company to make sure the papers your lender needs are in order, and you'll probably}likely sign everything at their officeWe work with with the title company on your date of closing. Since you will not have to coordinate this process, you can concentrate on the move, painting, new carpet, and the fun parts of moving into a new home.
You've answered a few questions, provided detailed information, applied , and Before you know it, you're moving! We take care of the 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.