An Overview of the Loan Process
There can be little question that getting a mortgage is a complex process. You wouldn't be researching mortgage loans if you could get a loan in one day with 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.
There are four important steps involved in getting a loan.
Step one: determine how much you can borrow
A couple of factors determine this amount. How much of a monthly payment can you afford? 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. 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 Milestone Mortgage, Inc. will begin saving you money. You will provide info about your employment, your assets, and residence history. You'll give us 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 review all this info and provide a pre-qualification letter. Handle it with care — it is a useful tool for buying your new home! Your REALTOR® will likely use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're deciding on your new home, we are researching the best loan for you.
After you've made the offer and the sellers accept it, you should apply for the loan. It couldn't be easier, and you can do it online, right here on our website. Finally, we will order the appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will coordinate to decide on a title company to handle the funding of your loan once it has been approved. We'll coordinate with this company to ensure the papers your lender needs are in order, and you'll probably}likely sign all these papers at their officeWe coordinate with this company to set your date to close. Since you don't have to worry with this coordination, you can think about moving, paint colors, new carpet, and the details involved in moving into a new house.
You've answered a few questions, provided detailed information, applied online, and Before you know it, you'll be moving! Milestone Mortgage, Inc. is in the business of mortgage loans; you're not — so take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Milestone Mortgage, Inc. at (317) 595-9600. Milestone Mortgage, Inc. answers loan process questions every day.