The Loan Process: an Overview

There's a lot involved when you get a mortgage. You wouldn't be here on our website if you could complete a one-page loan app and get the best loan funded in one day. We do most of 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 home 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? 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: pre-qualify for your loan

This is where New Millennium Mortgage Co. NMLS: 331173 can begin to save you money. You will supply info about your employment, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We run your credit score and report. After we've reviewed the provided information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it is a useful tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for the home that's right for you, we're busy finding the loan that's right for you.

Step three: apply now! We make it easy

Once you have signed an offer and the sellers accept it, you should apply for the loan. Applying for a loan couldn't get much easier; you can apply online right here on our site. At the end of this step, we'll order an 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 take care of the funding of your loan once it has been approved. We'll work with this company to ensure the papers your lender requires are avaiailable, and you will probably}likely sign all these papers at this company's officeWe coordinate with the title company to set your date to close. Because you don't have to coordinate this process, you get to concentrate on the move, paint colors, new carpet, and all the details of moving into your new home.

You've answered a few questions, given us detailed information, applied online, and Before you know it, you're moving in! We take care of the loan details 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.