An Overview of the Loan Process
Make no mistake, there's quite a lot to do when you get a mortgage loan. You wouldn't be researching mortgage loans if it were possible to get a mortgage loan in a single day with 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.
Getting a mortgage loan involves four major steps.
Step one: Decide on your maximum loan amount
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? 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 the rubber meets the road and you save the most money. You will give us details on your employment, assets, and residence history. You'll supply information on your employment, asset, and residence history. We pull your credit score and report. We'll review this information then give you a pre-qualification letter. Handle it with care — it can be a great tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're looking for your new house with your real estate agent, we find the best program for you.
Once you've made an offer and the sellers have accepted, you should complete the loan application. Applying for your loan could not be much easier; you can apply any time right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will work together to find an escrow/title company to take care of the funding of your loan. We'll work with this company to make sure all the papers your lender requires are in order, and you'll probably}likely sign all these papers at their officeWe coordinate with the title company to set your closing date. Since you don't need to coordinate this process, you can concentrate on the move, if you're going to repaint, carpet, and all the details of getting a new house.
You've answered some few questions, provided lots of information, applied , and Before you know it, you'll be moving! Milestone Mortgage, Inc. NMLS#136714 is a mortgage specialist; you're not — so we do the work. Doesn't that sound nice?
Have questions about the loan process? Call Milestone Mortgage, Inc. NMLS#136714 at 3175959600. We answer questions about the loan process every day.