The Loan Process: an Overview
There's a lot involved in oder to get a mortgage loan. You would not be researching mortgage loans 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 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? 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 Milestone Mortgage, Inc. NMLS#136714 will begin to save you money. You will give us information about your current job, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission, of course). After we've finished reviewing this information, we'll provide you with a pre-qualificaiton letter. Be careful with this letter — it is a useful tool when you make your offer! Your agent 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 home with your REALTOR™, we find the best program for you.
Once you have made an offer and it's been accepted, you should apply for the loan. It's very easy, and you can do it online, right here on our website. After the seller has accepted your offer and you have applied for your loan, we will order the professional appraisal on the home.
Step four: funding
The real estate agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to ensure all the papers your lender requires are in order, and you'll probably}likely sign all these papers at this company's officeWe coordinate with the title company to set your date to close. Because you will not have to worry about these details, you get to concentrate on the move, paint colors, carpet, and the details involved in getting a new home.
You've answered some few questions, given us lots of information, applied online, and Before you know it, you're moving! Milestone Mortgage, Inc. NMLS#136714 is in the business of loans; 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. We answer questions about the loan process every day.