The Mortgage Loan Process: an Overview
There can be no question ; getting a mortgage is a complicated process. You wouldn't be here on our website if it were possible to complete a simple application and get a great loan funded the same day. 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.
Getting a loan involves four major steps.
Step one: Decide how much you can afford
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. 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 begin to save you money. You will give us details about your employment, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We pull your credit score and report. After we've finished reviewing your information, we'll give you a pre-qualificaiton letter. Your agent will likely use your pre-qual (as they may call it) 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're busy finding the loan program that's right for you.
Once you've made the offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan could not be much easier; you can apply any time right here on our site. After the offer has been accepted and you have applied for your loan, we will order the professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to find a title company to take care of the funding of your loan. We'll coordinate with this company to make sure all the papers your lender will require are in order, and you'll probably}likely sign everything at their officeWe coordinate with this company on your closing date. Because you won't have to coordinate this process, you can think about the move, paint colors, carpet, and the details involved in getting a new house.
You've answered some few questions, given us detailed information, applied , and Before you know it, you'll be moving! Columbia Mortgage Corp is a mortgage specialist; 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. Columbia Mortgage Corp answers loan process questions every day.