The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
There can be little question that getting a mortgage is a complicated process. You wouldn't be here on our website if it were possible to complete a one-page loan app and receive the best loan funded in one day. 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.
Getting a mortgage loan involves four major milestones.
Step one: Decide how much you can afford
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? Use the calculators on our website to determine your monthly payment amount. 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 step is where Milestone Mortgage, Inc. NMLS#136714 can begin saving you money. You will provide info about your current job, your assets, and residence history. You'll supply your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we've reviewed this information, we'll provide a pre-qualificaiton letter. 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 looking for a new house with your real estate agent, we find the best program for you.
Once you have signed an offer and the sellers accept it, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our website. Finally, we will order an appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will work together to decide on an escrow/title company to handle the funding of your loan. We'll coordinate with this company to make sure the papers your lender will require are in order, and you'll probably}likely sign all these papers at this company's officeWe coordinate with this company on your date to close. Since you will not need to worry with this coordination, you can think about moving logistics, painting, carpet, and the fun parts of getting your new home.
You've answered a few questions, given us detailed information, applied online, and Before you know it, you'll be moving! Milestone Mortgage, Inc. NMLS#136714 is in the business of loans; you're not — so we take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Milestone Mortgage, Inc. NMLS#136714 at 3175959600. We answer questions about the loan process every day.