The Mortgage Loan Process: an Overview
There's little question that getting a mortgage is a complicated process. You wouldn't be visiting our site if you could fill out a one-page loan app and receive an excellent loan funded in one day. But New Millennium Mortgage Co. NMLS: 331173 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: determine how much you can borrow
This is a function of a couple things. What kind of monthly payment are you looking for? 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. We'll also help you through different scenarios by asking a few simple questions. 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 rubber meets the road and New Millennium Mortgage Co. NMLS: 331173 can really save you money. You will give us info on your employment, your assets, and residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (with your permission. We'll review all this information and provide a letter of pre-qualification. Handle it with care — it is a great tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for your new house with your agent, we find the best program for you.
Step three: apply now! We make it easy
Once you have made an offer and it's been accepted, it's time to complete the loan application. It's very easy, and you can apply online, right here on our site. At the end of this step, we will order the appraisal of your new home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the "funding" and closing. We'll coordinate with this company to ensure the papers your lender will require are in order, and you'll probably}likely sign everything at their officeWe work with with this company on your date of closing. Since you won't need to worry about these details, you can think about the move, if you're going to repaint, new carpet, and the fun parts of moving into a new house.
You've answered a few questions, given us lots of information, applied , and the next thing you know, you're deciding when to move in! New Millennium Mortgage Co. NMLS: 331173 is a mortgage specialist; you're not — so we do the work. Doesn't that make sense?
Have questions about the loan process? Call New Millennium Mortgage Co. NMLS: 331173 at (941) 366-5800. It's our job to answer lending questions, so we're happy to help!