The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
There can be little doubt that getting a mortgage is a complicated process. You wouldn't be here on our site if you could complete a one-page mortgage application and receive a great loan check cut in one day. We do most of 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 primary 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? 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: pre-qualify for your loan
This is where the process really begins and Milestone Mortgage, Inc. can really save you money. You will give us information on your current job, assets, and your residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission, of course). After we've reviewed the provided information, we'll provide you with a pre-qualificaiton letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're deciding on your new home, we are looking for the loan that best fits your needs.
Step three: apply now! We make it easy
Once you've made the offer and it's been accepted, you should complete the loan application. It couldn't be easier, and you can do it online, right here on our site. When the time is right, we'll order the appraisal of your new home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to make sure all the papers your lender requires are avaiailable, and you'll probably}likely sign all these papers at their officeWe do all the work to coordinate with the title company on your date to close. Because you won't need to coordinate this process, you get to think about moving logistics, painting, new 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! Milestone Mortgage, Inc. is in the business of loans; you're not — so we take care of the details. Doesn't that sound nice?
Have questions about the loan process? Call Milestone Mortgage, Inc. at (317) 595-9600. Milestone Mortgage, Inc. answers loan process questions every day.