The Loan Process: an Overview

There's quite a lot involved in oder to get a mortgage loan. You wouldn't be here on our website if it were possible to complete a simple loan app and receive an excellent loan check cut in one 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 getting a loan.

Step one: determine how much you can borrow

A couple of factors determine this amount. 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? 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 process really begins and you save the most money. You will provide details about your current job, your assets, and residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (with your permission. We will review all this information and will give you a pre-qualification letter. 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 shopping for your new home with your real estate agent, we find the best program for you.

Step three: apply now! We make it easy

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

Step four: your loan is funded

The agents will find a title company to handle the "funding" and closing of the sale. We'll work with this company to ensure all the papers your lender will need are in order, and you will probably}likely sign all these papers at this company's officeWe do all the work to coordinate with this company on your date of closing. Because you will not need to worry with this coordination, you get to think about moving, paint colors, carpet, and the details involved in moving into a new home.

You've answered some few questions, provided detailed information, applied , and the next thing you know, you are moving in! Milestone Mortgage, Inc. NMLS#136714 is a mortgage specialist; you're not — so we do the work. Makes sense, doesn't it??

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.