How the Loan Process Works

There is no doubt that getting a mortgage loan is a complicated process. You would not be researching mortgage loans if it were possible to get a mortgage loan in one day with a simple application. 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 steps.

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? 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 the process really begins and New Millennium Mortgage Co. NMLS: 331173 can really save you money. You will give us information about your employment, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (with your permission. After we have reviewed this info we will provide a letter of pre-qualification. Handle it with care — it can be a useful tool for buying your new home! 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 deciding on the home that's right for you, we are looking for the loan that best fits your needs.

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. It's very easy, and you can apply online, right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order the professional appraisal on the home.

Step four: funding

Your REALTOR® 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 make sure the papers your lender will need are in order, and you will probably}likely sign all these papers at this company's officeWe do all the work to coordinate with this company on your date of closing. Because you don't have to coordinate this process, you can think about 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 are moving in! New Millennium Mortgage Co. NMLS: 331173 is a mortgage specialist; you're not — so we do the work. Doesn't that sound nice?

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.