How the Loan Process Works
No doubt, quite a lot to do when you get a mortgage loan. You wouldn't be researching mortgage loans if it were possible to get a loan in a single day with a simple application. But Columbia Mortgage Corp does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four primary steps involved in getting a mortgage loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. 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? Use the calculators on our website to determine your monthly payment amount. 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 the process really begins and Columbia Mortgage Corp can really save you money. You will provide information about your current job, assets, and your residence history. You'll provide your employment, asset, and residence history information. We will pull get your credit report and score (with your permission. After we've reviewed your information, we'll give you a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're looking for a new home with your REALTOR™, we find the best program for you.
Once you've made the offer and the sellers have accepted, it's time to complete the loan application. Applying for a loan couldn't be much easier; you can apply online right here on our site. After the seller has accepted your offer and you have applied for your loan, we will order a professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will work together to designate an escrow/title company to take care of the funding of your loan once it has been approved. We'll coordinate with this company to make sure all the papers your lender requires are avaiailable, and you'll probably}likely sign all these papers at their officeWe do all the work to work with with this company on your date to close. Since you won't need to coordinate this process, you can think about moving logistics, paint colors, new carpet, and the fun parts of getting a new home.
You've answered a few questions, provided detailed information, applied , and Before you know it, you're moving in! We take care of the loan details so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call Columbia Mortgage Corp at 803-779-3638. We answer questions about the loan process every day.