The Loan Process: an Overview

There's a lot involved when you get a mortgage. You wouldn't be visiting our website if you could complete a simple loan app and get the best loan funded the same 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 primary steps involved in obtaining a mortgage loan.

Step one: Decide how much you can afford

This is a function of a couple things. 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. 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 is where the rubber meets the road and New Millennium Mortgage Co. NMLS: 331173 can really save you money. You will provide info on your employment, assets, and residence history. You'll give us your employment, asset, and residence history information. We run your credit score and report. After we've reviewed your information, we'll provide you with a pre-qualificaiton letter. Be careful with this letter — it can be a useful tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for your new house with your real estate agent, we find the best program for you.

Step three: apply now! We make it easy

After you've made an offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can do it online, right here on our website. When the time is right, we'll order an appraisal of your new home.

Step four: your loan is funded

The real estate agents will find a title company to handle the "funding" and closing. We'll coordinate with this company to ensure all the papers your lender will require are avaiailable, and you will probably}likely sign all these papers at this company's officeWe work with with this company on your date of closing. Since you don't need to worry about these details, you can concentrate on moving, if you're going to repaint, carpet, and the fun parts of getting your new home.

You've answered a few questions, given us lots of information, applied , and the next thing you know, you are deciding when to move in! We take care of the loan details so you can focus on 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. We answer questions about the loan process every day.

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