The Loan Process: an Overview
In the market for a new mortgage? We can help! Call us at 915-691-9072. Ready to begin? Apply Now
There can be no question that getting a mortgage is a complex process. You wouldn't be here on our site if you could fill out a simple application and get an excellent loan funded in one day. We do most of the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
There are four main steps involved in getting a mortgage loan.
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? 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. And we can guide you to the right loan amount and best program for you when you answer a few 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 Miles Funding, LLC can start to save you money. You will provide info about your current job, assets, and your residence history. You'll provide your employment, asset, and residence history information. We run your credit score and report. After we've finished reviewing the provided information, we'll give you a pre-qualification letter. Handle it with care — it can be a useful tool for buying your new home! Your real estate agent will use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for a new home with your agent, we find the best program for you.
Once you've made an offer and the sellers have accepted, you should complete the loan application. Applying for a loan couldn't be much easier; you can apply from the comfort of your home right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll 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. We'll work with this company to make sure all the papers your lender needs are in order, and you will probably sign everything at this company's office. We will work with the title company to set your date of closing. Because you don't have to worry with this coordination, you get to concentrate on moving, if you're going to repaint, carpet, and the fun parts of moving into your new home.
Once you've answered some few questions, given us detailed information, and applied online, you'll be ready to move sooner than you think! Miles Funding, LLC is a mortgage specialist; you're not — so we do the work. Doesn't that make sense?
Have questions about the loan process? Call Miles Funding, LLC at 915-691-9072. It's our job to answer lending questions, so we're happy to help!