The Loan Process: an Overview
No doubt, a lot involved when you get a mortgage. You would not be looking up loan information if it were possible to get a mortgage loan in a single 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 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? 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 process really begins and Milestone Mortgage, Inc. can really save you money. You will give us details on your current job, your assets, and residence history. You'll supply information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). After we've finished reviewing the provided information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it can be a useful tool when you make your offer! Your REALTOR® will likely use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're looking for a new house with your REALTOR™, we find the best program for you.
After you've signed 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. At the end of this step, we'll order an appraisal of your new home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to ensure all 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 of closing. Since you don't need to coordinate this process, you can think about moving, paint colors, new carpet, and the details involved in getting a new house.
You've answered a few questions, given us detailed information, applied , and before you know it, you are deciding when to move in! We do the mortgage legwork so you can focus on finding your new home.
Have questions about the loan process? Call Milestone Mortgage, Inc. at (317) 595-9600. It's our job to answer lending questions, so we're happy to help!