How the Loan Process Works
There's a lot involved in oder to get a mortgage. You wouldn't be looking up loan information if you could get a loan in a single day with a simple application. But Milestone Mortgage dba TMC does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important steps involved in obtaining a mortgage loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. 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? You can get a good idea of your preferred payment abount using the calculators on our website. 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: complete a pre-qualification
This is where the process really begins and Milestone Mortgage dba TMC can really save you money. You will give us info about your employment, your assets, and residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (with your permission. After we've reviewed the provided information, we'll provide a pre-qualificaiton letter. Your agent will use your pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're picking out your new home, we're busy researching the loan program that's right for you.
Once you have made the offer and it's been accepted, it's time to complete the loan application. It's very easy, and you can do it online, right here on our website. When the time is right, we'll order an appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will coordinate to designate a title company to take care of the funding of your loan once it has been approved. 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 coordinate with this company to set your date to close. Because you will not need to coordinate this process, you get to concentrate on moving, paint colors, carpet, and the fun parts of moving into a new home.
You've answered a few questions, provided lots of information, applied , and the next thing you know, you're moving in! 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 dba TMC at (303) 877-0415. It's our job to answer lending questions, so we're happy to help!