How the Loan Process Works
There's little question ; getting a mortgage is a complicated process. You wouldn't be researching mortgage loans if you could get a mortgage loan in a single 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 main steps involved in getting a loan.
Step one: Decide how much you can afford
A couple of factors determine this amount. 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 rubber meets the road and Milestone Mortgage, Inc. NMLS#136714 can really save you money. You will supply information on your employment, assets, and residence history. You'll supply information on your employment, asset, and residence history. We get your permission to pull your credit score and report. After we have reviewed this information we give you a letter of pre-qualification. Your REALTOR® should use your pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for your new home, we're busy finding the loan that's right for you.
Once you have made the offer and it's been accepted, you should apply for the loan. Applying for a loan could not be much easier; you can apply online right here on our site. At the end of this step, we will order an appraisal of your new home.
Step four: funding
The agents will find a title company to handle the "funding" and closing. We'll work with this company to ensure the papers your lender will need are avaiailable, and you'll probably}likely sign everything at their officeWe do all the work to coordinate with the title company on your closing date. Because you won't have to coordinate this process, you get to concentrate on moving, paint colors, new carpet, and the fun parts of getting your new house.
You've answered some few questions, given us lots of information, applied , and Before you know it, you'll be moving! We take care of the legwork so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call Milestone Mortgage, Inc. NMLS#136714 at 3175959600. We answer questions about the loan process every day.