The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
There can be no doubt ; getting a mortgage loan is a complex process. You wouldn't be looking up loan information if you could get a loan in one day by filling out a simple application. But Milestone Mortgage, Inc. NMLS#136714 does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a loan involves four major milestones.
Step one: Decide how much you can afford
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. 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: pre-qualify for your loan
This is where the rubber meets the road and Milestone Mortgage, Inc. NMLS#136714 can really save you money. You will provide details about your current job, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission. After we've finished reviewing the provided information, we'll provide you with a pre-qualificaiton letter. Handle it with care — it can be a useful tool for buying your new home! Your agent should 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 deciding on the home that's right for you, we are finding the loan that best fits your needs.
Step three: apply now! We make it easy
Once you have made an offer and the sellers have accepted, it's time to complete the loan application. It's very easy, and you can do it online, right here on our website. At the end of this step, we'll order an appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will coordinate to find a title company to take care of the funding of your loan. We'll coordinate with this company to ensure all the papers your lender will require are avaiailable, and you will probably}likely sign all these papers at this company's officeWe do all the work to work with with this company to set your closing date. Because you won't have to coordinate this process, you can think about moving, paint colors, new carpet, and the details involved in moving into your new home.
You've answered a few questions, provided lots of information, applied online, and the next thing you know, you're deciding when to move in! We take care of the loan details so you can focus on finding your new home.
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.