About the Mortgage Loan Process
There is no doubt ; getting a mortgage loan is a complicated process. You would not be looking up loan information if you could get a loan in one day by filling out 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 main steps involved in obtaining a mortgage loan.
Step one: Decide on your maximum loan amount
This is a function of a couple things. 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. 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: complete a pre-qualification
This is where Columbia Mortgage Corp will start saving you money. You will provide details about your current job, assets, and residence history. You'll give us your employment, asset, and residence history information. We run your credit score and report. When we review all this information we will give you a pre-qualification letter. Your real estate agent should use the pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're deciding on the home that's right for you, we are finding the loan that best fits your needs.
Once you have made an offer and it's been accepted, you should apply for the loan. Applying for your loan could not get much easier; you can apply any time right here on our site. Finally, we will order the appraisal of your new home.
Step four: funding
The real estate agents will find a title company to handle the "funding" and closing of the sale. We'll work with this company to ensure the papers your lender will require are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe do all the work to coordinate with the title company to set your date to close. Since you will not need to worry with this coordination, you can concentrate on the move, paint colors, new carpet, and the details involved in getting a new home.
You've answered some few questions, given us lots of information, applied online, and before you know it, you're moving in! We take care of all the loan details so you can focus on finding your new home.
Have questions about the loan process? Call Columbia Mortgage Corp at 8037793638. It's our job to answer lending questions, so we're happy to help!