How the Loan Process Works
There's quite a lot to do when you get a mortgage loan. You would not be researching mortgage loans if it were possible to get a loan in one day by filling out a simple application. 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 main 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? 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. 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 is where Milestone Mortgage, Inc. will begin saving you money. You will give us info about your current job, assets, and 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. After we've reviewed the provided information, we'll provide you with a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for a new home with your real estate agent, we find the best program for you.
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. It's very easy, and you can do it online, right here on our website. After the offer has been accepted and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to designate an escrow/title company to handle the funding of your loan once it's approved. We'll work with this company to ensure the papers your lender requires are avaiailable, and you'll probably}likely sign everything at their officeWe coordinate with this company to set your date to close. Since you don't need to worry about these details, you get to think about the move, paint colors, carpet, and the fun parts of moving into a new house.
You've answered some few questions, provided detailed information, applied , and Before you know it, you'll be moving in! We take care of all the loan details so you can spend your time finding your new home.
Have questions about the loan process? Call Milestone Mortgage, Inc. at (317) 595-9600. Milestone Mortgage, Inc. answers loan process questions every day.