The Loan Process: an Overview
Make no mistake, there's quite a lot involved when you get a mortgage loan. You wouldn't be visiting our website if it were possible to fill out a simple application and get the best loan check cut in one day. But New Millennium Mortgage Co. NMLS: 331173 does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in getting a 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? 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. 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 New Millennium Mortgage Co. NMLS: 331173 can start saving you money. You will provide information on your current job, your assets, and your 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, of course). We'll go over this info 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 picking out your new home, we're busy researching the loan that's right for your situation.
After you've made an offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our website. Finally, 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" and closing. We'll coordinate 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 date of closing. Since you will not have to coordinate this process, you can think about moving logistics, if you're going to repaint, new carpet, and all the details of moving into a new home.
You've answered some few questions, given us detailed information, applied , and before you know it, you are deciding when to move in! New Millennium Mortgage Co. NMLS: 331173 is in the business of loans; you're not — so take care of the details. Doesn't that sound nice?
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!