The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
No doubt, a lot to do when you get a mortgage loan. You would not be looking up loan information if it were possible to get a loan in one day by filling out a simple application. 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.
There are four primary steps involved in obtaining a loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. 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. Because lender guidelines are fairly standard, we can give you a good idea of how much you can borrow after a short conversation.
Step two: complete a pre-qualification
This is where Milestone Mortgage, Inc. will start saving you money. You will give us details about your current job, assets, and residence history. You'll give us information on your employment, asset, and residence history. We get your permission to pull your credit score and report. We will review this information and will provide a letter of pre-qualification. Your agent will likely use your pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're picking out the home that's right for you, we are looking for the loan that best fits your needs.
Once you've made the offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan couldn't be much easier; you can apply right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to ensure all the papers your lender needs are avaiailable, and you'll probably}likely sign all these papers at their officeWe coordinate with this company on your date of closing. Since you will not have to worry with this coordination, you can concentrate on moving logistics, if you're going to repaint, new carpet, and the details involved in getting your new house.
You've answered a few questions, given us lots of information, applied online, and Before you know it, you'll be moving in! We do the legwork so you can spend your time 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!