How the Loan Process Works
There can be no question ; getting a mortgage loan is a complex process. You wouldn't be researching mortgage loans if you could get a mortgage loan in one 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.
There are four primary steps involved in obtaining a loan.
Step one: determine how much you can borrow
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? You can get a good idea of your preferred payment abount using the calculators on our website. 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 Milestone Mortgage, Inc. NMLS#136714 will start saving you money. You will provide info about your employment, your assets, and residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission. After we've finished reviewing your information, we'll provide you with a pre-qualificaiton letter. Your real estate agent will use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for your new home with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
Once you've made an offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan could not be much easier; you can apply any time right here on our site. At the end of this step, we will order the appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to designate an escrow/title company to handle the funding of your loan. We'll work with this company to make sure the papers your lender will need are in order, and you'll probably}likely sign everything at this company's officeWe coordinate with this company on your date of closing. Because you don't need to worry about these details, you get to concentrate on moving, painting, new carpet, and all the details of getting your new home.
You've answered a few questions, provided detailed information, applied , and before you know it, you are deciding when to move in! Milestone Mortgage, Inc. NMLS#136714 is in the business of loans; 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. It's our job to answer lending questions, so we're happy to help!