The Mortgage Loan Process: an Overview
There's little question that getting a mortgage loan is a complicated process. You wouldn't be researching mortgage loans if it were possible to get a loan in one 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.
Getting a loan involves four major steps.
Step one: determine how much you can borrow
A couple of factors determine this amount. What kind of monthly payment are you looking for? 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: complete a pre-qualification
This is where Milestone Mortgage, Inc. NMLS#136714 will start to save you money. You will provide details about your employment, assets, and residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (with your permission, of course). After we have gone over this information we will provide a letter of pre-qualification. Be careful with this letter — it is a useful tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for your new home with your agent, we find the best program for you.
Step three: apply now! We make it easy
Once you have made an offer and the sellers accept it, it's time to apply for the loan. Applying for your loan couldn't be much easier; you can apply from the comfort of your home right here on our site. Finally, we will order the appraisal of your new home.
Step four: funding
The real estate agents will find a title company to handle the "funding" and closing of the sale. We'll coordinate with this company to ensure the papers your lender requires are avaiailable, and you will probably}likely sign everything at this company's officeWe coordinate with the title company to set your date of closing. Since you don't have to coordinate this process, you can think about the move, painting, carpet, and the fun parts of getting your new house.
You've answered some few questions, provided lots of information, applied online, 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 take care of the details. Doesn't that sound nice?
Have questions about the loan process? Call Milestone Mortgage, Inc. NMLS#136714 at 3175959600. Milestone Mortgage, Inc. NMLS#136714 answers loan process questions every day.