How the Loan Process Works
There's little question that getting a mortgage is a complicated process. You would not be researching mortgage loans if it were possible to get a loan in a single day with a simple application. 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: determine how much you can borrow
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. We'll also help you through different scenarios by asking a few simple questions. 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: complete a pre-qualification
This is where Columbia Mortgage Corp can start saving you money. You will give us information about your current job, assets, and residence history. You'll give us your employment, asset, and residence history information. We get your permission to pull 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 is a useful tool for buying your new home! Your agent should use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for a new home with your real estate agent, 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, you should apply for the loan. Applying for a loan couldn't get much easier; you can apply right here on our site. After the offer has been accepted and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will coordinate to decide on a 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 the papers your lender will need are avaiailable, and you'll probably}likely sign all these papers at their officeWe coordinate with the title company on your date of closing. Because you don't have to worry with this coordination, you can think about moving, if you're going to repaint, new carpet, and all the details of moving into a new house.
You've answered a few questions, given us detailed information, applied , and the next thing you know, you are moving in! We take care of all the loan details so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Columbia Mortgage Corp at 803-779-3638. It's our job to answer lending questions, so we're happy to help!