The Loan Process: an Overview
There's little question that getting a mortgage loan is a complex process. You wouldn't be looking up loan information if it were possible to get a mortgage loan in a single 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 main steps involved in getting a mortgage loan.
Step one: Decide on your maximum loan amount
This is a function of a couple things. 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. 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: pre-qualify for your loan
This is where the process really begins and you save the most money. You will provide info about your current job, your assets, and residence history. You'll provide your employment, asset, and residence history information. We pull your credit score and report. After we have reviewed all this information we give you a pre-qualification letter. Your agent should use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for your new house with your real estate agent, we find the best program for you.
Once you've made the offer and it's been accepted, you should apply for the loan. It's very easy, and you can apply online, right here on our website. After the offer has been accepted and you have applied for your loan, we will order a professional appraisal on the 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 make sure the papers your lender will need are in order, and you will probably}likely sign everything at their officeWe do all the work to work with with this company to set your date to close. Since you won't need to coordinate this process, you get to concentrate on the move, painting, new carpet, and the details involved in moving into your new house.
You've answered a few questions, given us lots of information, applied , and the next thing you know, you are moving in! We do the mortgage legwork so you can focus on finding your new home.
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!