How the Loan Process Works
Make no mistake, there's a lot involved in oder to get a mortgage loan. You wouldn't be looking up loan information if you could get a loan in a single day by filling out a simple application. 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.
Getting a home loan involves four major steps.
Step one: Decide on your maximum loan amount
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? 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 rubber meets the road and New Millennium Mortgage Co. NMLS: 331173 can really save you money. You will give us details on your employment, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We get your permission to pull your credit score and report. When we review all this information we will provide a letter of pre-qualification. Your agent will likely use the pre-qual (as they may call it) to make the best offer on the home you choose. 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.
After you've made an offer and the sellers accept it, you should apply for the loan. Applying for your loan could not get much easier; you can apply online right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order a professional appraisal on the home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" and closing. We'll coordinate with this company to ensure the papers your lender will require are avaiailable, and you will probably}likely sign everything at this company's officeWe work with with the title company to set your date of closing. Because you will not need to worry with this coordination, you can concentrate on moving logistics, paint colors, new carpet, and the fun parts of moving into a new home.
You've answered a few questions, given us lots of information, applied , and before you know it, you're moving in! New Millennium Mortgage Co. NMLS: 331173 is in the business of loans; you're not — so take care of the details. Makes sense, doesn't it??
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.