The Mortgage Loan Process: an Overview
Make no mistake, there's quite a lot involved in oder to get a mortgage loan. You wouldn't be here on our site if you could complete a one-page loan app and get the best loan check cut in one day. But Milestone Mortgage, Inc. NMLS#136714 does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in obtaining a loan.
Step one: Decide on your maximum loan amount
This is a function of a couple things. 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? 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: complete a pre-qualification
This is where Milestone Mortgage, Inc. NMLS#136714 can begin to save you money. You will supply information about your current job, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission, of course). We'll go over this info and provide a pre-qualification letter. Be careful with this letter — it is a great tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're picking out your new home, we're busy researching the loan program that's right for your situation.
Step three: apply now! We make it easy
Once you have signed the offer and the sellers accept it, it's time to apply for the loan. It couldn't be easier, and you can apply online, right here on our site. After the offer has been accepted and you have applied for your loan, we will order the professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will work together to designate an escrow/title company to take care of the funding of your loan. We'll coordinate with this company to ensure all the papers your lender needs are avaiailable, and you will probably}likely sign all these papers at this company's officeWe coordinate with this company on your closing date. Since you don't have to worry about these details, you get to think about moving, paint colors, new carpet, and the fun parts of moving into a new house.
You've answered some few questions, given us detailed information, applied online, and before you know it, you're moving in! Milestone Mortgage, Inc. NMLS#136714 is a mortgage specialist; you're not — so take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call Milestone Mortgage, Inc. NMLS#136714 at 3175959600. We answer questions about the loan process every day.