An Overview of the Loan Process
There is no doubt ; getting a mortgage loan is a complex process. You wouldn't be visiting our site if you could fill out a simple loan application and receive a great loan funded in one day. But Columbia Mortgage Corp does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major milestones.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. How much of a monthly payment can you afford? 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. 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 is where Columbia Mortgage Corp can begin to save you money. You will provide information on your employment, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We get your permission to run your credit score and report. After we've reviewed your information, we'll give you a pre-qualificaiton letter. Handle it with care — it can be 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 looking for your new home with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
Once you've made an offer and it's been accepted, it's time to apply for the loan. Applying for your loan couldn't be much easier; you can apply right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order a professional appraisal on the home.
Step four: funding
The agents will find a title company to handle the "funding" of the loan and closing. We'll work with this company to make sure all the papers your lender needs are in order, and you will probably}likely sign everything at their officeWe work with with the title company on your closing date. Because you will not have to coordinate this process, you get to concentrate on the move, if you're going to repaint, carpet, and all the details of getting a new home.
You've answered some few questions, provided detailed information, applied , and Before you know it, you'll be moving in! Columbia Mortgage Corp is in the business of mortgage loans; you're not — so take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Columbia Mortgage Corp at 803-779-3638. We answer questions about the loan process every day.