How the Mortgage Loan Process Works
There's little question ; getting a mortgage loan is a complicated process. You would not be looking up loan information if it were possible to get a mortgage 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.
There are four main steps involved in obtaining a mortgage 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 the rubber meets the road and you save the most money. You will supply info on your current job, assets, and residence history. You'll give us your employment, asset, and residence history information. We pull your credit score and report. We will review this info then will provide a pre-qualification letter. Your REALTOR® will likely use the 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 shopping for your new house with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
Once you have made an offer and it's been accepted, it's time to complete the loan application. Applying for a loan couldn't be much easier; you can apply any time right here on our site. At the end of this step, we will order an appraisal of your new home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to make sure the papers your lender requires are avaiailable, and you will probably}likely sign all these papers at their officeWe do all the work to coordinate with the title company to set your closing date. Since you don't need to worry about these details, you can concentrate on the move, if you're going to repaint, carpet, and the fun parts of moving into a new home.
You've answered a few questions, given us lots of information, applied , and the next thing you know, you're moving in! Milestone Mortgage, Inc. NMLS#136714 is in the business of loans; you're not — so we do the work. Doesn't that make sense?
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!