The Loan Process: an Overview

There can be little question that getting a mortgage loan is a complex process. You wouldn't be here on our site if you could complete a simple loan app and receive the best loan funded in one day. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.

There are four main steps involved in getting a mortgage loan.

Step one: Decide on your maximum loan amount

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? Use the calculators on our website to determine your monthly payment amount. 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 the rubber meets the road and New Millennium Mortgage Co. NMLS: 331173 can really save you money. You will supply details about your employment, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We get your permission to pull your credit score and report. After we've reviewed your information, we'll give you a pre-qualificaiton letter. Handle it with care — it is 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 looking for a new house with your agent, we find the best program for you.

Step three: apply now! We make it easy

Once you've made an offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan could not get much easier; you can apply right here on our site. After the offer has been accepted and you have applied for your loan, we will order a professional appraisal on the home.

Step four: funding

Your REALTOR® and the seller's will coordinate to designate an escrow/title company to handle the funding of your loan. We'll work with this company to ensure the papers your lender will require are in order, and you will probably}likely sign everything at their officeWe do all the work to work with with this company on your date of closing. Because you don't have to coordinate this process, you get to concentrate on moving, if you're going to repaint, carpet, and the details involved in moving into a new house.

You've answered some few questions, given us lots of information, applied online, and before you know it, you are deciding when to move in! We take care of the loan details so you can spend your time finding your new home.

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.