The Loan Process: an Overview

There's no question ; getting a mortgage loan is a complex process. You wouldn't be visiting our site if it were possible to complete a one-page loan app and get an excellent 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.

Getting a home loan involves four major milestones.

Step one: determine how much you can borrow

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. 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 the rubber meets the road and New Millennium Mortgage Co. NMLS: 331173 can really save you money. You will give us information on your employment, assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission, of course). We'll go over this information and provide a letter of pre-qualification. Your real estate agent will use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're deciding on the home that's right for you, we are finding the best loan program for you.

Step three: apply now! We make it easy

Once you have signed an offer and the sellers accept it, it's time to apply for the loan. Applying for a loan could not get much easier; you can apply any time right here on our site. At the end of this step, we'll order the appraisal of your new home.

Step four: your loan is funded

Your real estate agent 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 coordinate with this company to ensure the papers your lender will need are in order, and you will probably}likely sign all these papers at their officeWe work with with this company to set your closing date. Since you will not need to worry about these details, you can think about moving logistics, if you're going to repaint, new carpet, and the fun parts of getting your new house.

You've answered some few questions, provided lots of information, applied online, 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 take care of the details. Doesn't that make sense?

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!