The Loan Process: Four Steps
There's a lot to do when you get a mortgage. You wouldn't be researching mortgage loans if you could get a loan in a single day by filling out a simple application. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or trying to save money.
There are four main steps involved in obtaining a loan.
Step One: Decide how much you can afford
A couple of factors determine this amount. What kind of monthly payment are you looking for? 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 amount using the calculators on our website. We'll also help you through different scenarios by asking a few simple questions. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan programs you can expect to benefit the most from.
Step Two: Complete a pre-qualification
This is where the rubber meets the road and you save the most money. You will give us information about your current job, assets, and residence history. You'll give us information on your employment, assets, and residence history. We will pull your credit report and score (only after you give your permission). After we've reviewed your information, we'll provide you with a pre-qualification letter. Handle it with care — it can be a great tool when you make your offer! Your REALTOR® should use your 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 house with your REALTOR®, we will be finding the best loan program for you.
Once you have made an offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan cannot get much easier; you can apply at any time right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order a professional appraisal on the home.
Step Four: Funding
The real estate agents will find a title company to handle the "funding" and closing of the sale. We'll work with this company to make sure all the paperwork your lender needs is in order, and you will likely sign everything at this company's office. We do all the footwork to work with with the title company on your closing date. Because you won't need to worry about this coordination, you get to think about moving logistics, if you're going to repaint, carpet, and the details involved in moving into your new house.
You've answered a few questions, provided detailed information, applied, and before you know it, you'll be moving! We take care of all the loan details so you can spend your time finding your new home.
Have questions about the loan process? Call Milestone Mortgage Corp. at 561-207-8082. We are happy to answer any questions about the loan process every day.