The Four Steps of the Loan Process:The Loan Process: Four Steps
There's quite a lot involved when you get a mortgage loan. You would not be researching mortgage loans if you could get a mortgage loan in a single day with a simple application. 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 obtaining a 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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.
Step two: pre-qualify for your loan
This is where Columbia Mortgage Corp will start saving you money. You will provide details about your employment, your assets, and your residence history. You'll supply 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 you with a pre-qualificaiton letter. Handle it with care — it is a great tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're picking out your new home, we are researching the loan that best fits your needs.
Once you have made an offer and the sellers accept it, it's time to apply for the loan. It's very easy, and you can do it online, right here on our website. After the offer has been accepted and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to find an escrow/title company to handle the funding of your loan. We'll coordinate with this company to make sure all the papers your lender needs are avaiailable, and you will probably}likely sign all these papers at this company's officeWe work with with the title company to set your closing date. Since you won't have to coordinate this process, you can think about moving, painting, carpet, and the fun parts of getting a new home.
You've answered a few questions, provided lots of information, applied online, and Before you know it, you're moving! We take care of all the loan details so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Columbia Mortgage Corp at 803-779-3638. It's our job to answer lending questions, so we're happy to help!