The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps

There is no question that getting a mortgage loan is a complicated process. You wouldn't be here on our site if you could complete a one-page application and get an excellent loan check cut the same day. But Milestone Mortgage, Inc. NMLS#136714 does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

There are four important steps involved in obtaining a loan.

Step one: Decide on your maximum loan amount

This is a function of a couple things. 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? 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 Milestone Mortgage, Inc. NMLS#136714 can really save you money. You will give us information on your current job, your assets, and 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 have gone over all this information we provide a pre-qualification letter. Be careful with this letter — it can be a useful tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're deciding on your new home, we're busy researching the loan that's right for you.

Step three: apply now! We make it easy

After you've made an offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our website. Finally, we will order the appraisal of your new home.

Step four: your loan is funded

Your real estate agent and the seller's will coordinate to designate an escrow/title company to take care of the funding of your loan. We'll coordinate with this company to make sure all the papers your lender needs are in order, and you'll probably}likely sign everything at this company's officeWe work with with the title company on your date to close. Since you won't have to worry with this coordination, you get to concentrate on moving, painting, new carpet, and the details involved in getting a 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! 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!