Second Step - Approval Process

APPLICATION | APPROVAL | CLOSING | CHECKLIST

You've done your part by applying and now it's time for us to do ours. Our loan professionals will start to review and process the information you submitted from the application. Below we've outlined the progression of the approval process.

Credit Check

Millennium takes great satisfaction in their ability to offer a loan program regardless of a few setbacks in your credit history. A credit check is performed to verify the information you presented. Your credit history is examined to compile the list of loan products that you are qualified to choose from.

Underwriting

Underwriting at Millennium occurs early in the process to avoid any unnecessary documentation requests or time delays. Underwriting is the examination of the application information you have provided and an evaluation of your credit profile to determine whether your loan may be approved for closing. Here at Millennium we use the most advanced automated loan processing and underwriting software available today. This allows us to obtain a preliminary approval in just a couple of hours not days, like other lenders. All FNMA and FHLMC lenders accept these approvals.

Document Request

At this time, our loan professionals will request any documentation they need to complete the process. Possible documents they will ask for include pay stubs, bank statements and investment information such as IRAs or 401(K).

Appraisal

Once we have double-checked all the documentation needed we will send a qualified appraiser to the property. Their job is to assess the value of the house to help determine if the property supports the loan amount requested.

Final Approval

At this stage, your appraisal will be reviewed along with any other conditions that are required. If your loan comes back approved, Congratulations! It's now time to move on to the final step towards getting your money: Closing the Loan