The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps

There can be little doubt that getting a mortgage is a complex process. You wouldn't be here on our website if you could fill out a one-page loan app and get a great loan check cut the same day. But Columbia Mortgage Corp does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

There are four main steps involved in obtaining a mortgage loan.

Step one: Decide how much you can afford

This is a function of a couple things. How much of a monthly payment can you afford? 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 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: pre-qualify for your loan

This step is where Columbia Mortgage Corp will start saving you money. You will give us details about your employment, your assets, and residence history. You'll provide your employment, asset, and residence history information. We get your permission to run your credit score and report. After we've finished reviewing the provided information, we'll provide a pre-qualificaiton letter. Handle it with care — it can be a useful tool when you make your offer! Your REALTOR® will likely use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're picking out your new home, we are researching the loan that best fits your needs.

Step three: apply for your loan

Once you have made an offer and it's been accepted, you should complete the loan application. It couldn't be easier, and you can apply online, right here on our website. After the offer has been accepted and you have applied for your loan, we will order the professional appraisal on the home.

Step four: funding

Your real estate agent and the seller's will work together to find an escrow/title company to take care of the funding of your loan once it's approved. We'll work with this company to make sure all the papers your lender requires are in order, and you will probably}likely sign everything at this company's officeWe do all the work to coordinate with the title company to set your closing date. Because you won't need to worry with this coordination, you get to concentrate on the move, painting, new carpet, and all the details of moving into a new home.

You've answered some few questions, provided lots of information, applied online, and Before you know it, you'll be moving! We do the legwork so you can spend your time finding your new home.

Have questions about the loan process? Call Columbia Mortgage Corp at 803-779-3638. We answer questions about the loan process every day.