The Mortgage Loan Process: an Overview
No doubt, quite a lot to do in oder to get a mortgage loan. You wouldn't be visiting our website if it were possible to complete a one-page loan application and get a great 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 important steps involved in obtaining a mortgage loan.
Step one: Decide how much you can afford
A couple of factors determine this amount. 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. 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 step is where New Millennium Mortgage Co. NMLS: 331173 will start to save you money. You will give us information about your current job, assets, and residence history. You'll provide your employment, asset, and residence history information. We get your permission to run your credit score and report. After we've finished reviewing this information, we'll give you a pre-qualificaiton letter. Handle it with care — it can be a great tool for buying your new home! Your real estate agent will use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're picking out the home that's right for you, we are researching the loan that best fits your needs.
Step three: apply now! We make it easy
Once you have made the offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan couldn't get much easier; you can apply right here on our site. At the end of this step, we will order an appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will work together to find a title company to handle the funding of your loan. We'll coordinate with this company to ensure all the papers your lender requires are avaiailable, and you will probably}likely sign all these papers at this company's officeWe coordinate with this company to set your date of closing. Because you will not have to worry about these details, you get to think about the move, paint colors, carpet, and all the details of moving into a new home.
You've answered some few questions, provided lots of information, applied , and the next thing you know, you are moving in! New Millennium Mortgage Co. NMLS: 331173 is a mortgage specialist; 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. New Millennium Mortgage Co. NMLS: 331173 answers loan process questions every day.