The Loan Process: an Overview
Make no mistake, there's quite a lot to do when you get a mortgage loan. You would not be researching mortgage loans if it were possible to get a loan in a single day with 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.
Getting a loan involves four major steps.
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. 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 Milestone Mortgage, Inc. NMLS#136714 will begin to save you money. You will give us info on your employment, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We get your permission to run your credit score and report. After we've finished reviewing the provided information, we'll give you a pre-qualificaiton letter. Handle it with care — it can be a great 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 your new home, we're busy finding the loan that's right for your situation.
Once you've made an offer and it's been accepted, you should apply for the loan. Applying for your loan could not get much easier; you can apply from the comfort of your home right here on our site. Finally, we will order the appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to designate an escrow/title company to take care of the funding of your loan once it has been approved. We'll coordinate with this company to ensure all the papers your lender requires are avaiailable, and you will probably}likely sign everything at their officeWe work with with this company on your date to close. Because you don't have to worry with this coordination, you get to think about the move, paint colors, new carpet, and all the details of moving into your new house.
You've answered some few questions, provided lots of information, applied online, and Before you know it, you'll be moving in! Milestone Mortgage, Inc. NMLS#136714 is a mortgage specialist; you're not — so take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call Milestone Mortgage, Inc. NMLS#136714 at 3175959600. We answer questions about the loan process every day.