About the Loan Process

The mortgage process typically takes from 4-6 weeks, and includes 6 major milestones (8 milestones with Construction-to-Permanent Financing).

• Step One: Apply For Your Loan.
  In just minutes, you can complete your loan application over the phone with a Merrill Lynch Credit Corporation Loan Consultant. Call (866) ASK MLCC (866) 275-6522, Monday through Friday.
  
  

• Step Two: Submit the Application for Review.
  A MLCC Loan Consultant will review your application and request a credit report for all applicants and submit your information to our underwriting department for an initial lending decision.
  
  

• Step Three: Receive the Welcome Package.
  Once you are approved and registered, your title report, appraisal, and flood certification will be ordered and you will receive a Welcome Package introducing you to your loan counselor, who will be your guide through remainder of the loan process. You will also receive other important documents to review.
  
  

• Step Four: Reports are Reviewed and Conditions are Met.
  Your Loan Processor will review the title report, appraisal, and flood certification and verify that all conditions of the initial lending decision have been met prior to obtaining the final lending decision.
  
  

• Step Five: After the Final Lending Decision is Made.
  Your Loan Processor will notify you of the final lending decision and will schedule a date and time for your loan closing.
  
  

• Step Six: The Loan is Closed and Funded.
  Attend the loan closing where you will review and sign the loan documents.
  
  

• Step Seven (Construction Loans Only): Build Your Home.
  MLCC makes disbursements based on inspection of work completed.
  
  

• Step Eight (Construction Loans Only): The Modification Process Takes Place.
  Upon completion of your home, the final loan proceeds are disbursed and the loan is converted to a permanent mortgage.