The Mortgage Loan Process: an Overview
There's quite a lot involved when you get a mortgage. You wouldn't be researching mortgage loans if it were possible to get a loan in a single day by filling out a simple application. But New Millennium Mortgage Co. NMLS: 331173 does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a 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? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? You can get a good idea of your preferred payment abount using the calculators on our website. 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 will begin to save you money. You will supply information about your current job, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We will pull get your credit report and score (with your permission. We'll review all this information then provide a pre-qualification letter. Handle it with care — it can be a great tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're looking for your new house with your REALTOR™, we find the best program for you.
Once you have made the offer and it's been accepted, it's time to apply for the loan. Applying for your loan could not get much easier; you can apply any time right here on our site. After the offer has been accepted and you have applied for your loan, we will order the professional appraisal on the home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to make sure the papers your lender will require are in order, and you'll probably}likely sign all these papers at this company's officeWe coordinate with this company on your date of closing. Since you don't have to worry about these details, you can think about moving logistics, paint colors, new carpet, and the details involved in getting your new house.
You've answered a few questions, given us detailed information, applied online, and Before you know it, you'll be moving in! New Millennium Mortgage Co. NMLS: 331173 is in the business of mortgage loans; you're not — so we do the work. Makes sense, doesn't it??
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!