The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
There's no doubt that getting a mortgage is a complex process. You wouldn't be here on our website if it were possible to complete a one-page application and get the best 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 milestones.
Step one: Decide how much you can afford
A couple of factors determine this amount. What kind of monthly payment are you looking for? What is the maximum you can borrow from a lender, given your income and credit history? 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. 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 the process really begins and Columbia Mortgage Corp can really save you money. You will supply details about your employment, assets, and residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (with your permission, of course). After we've finished reviewing this information, we'll give you a pre-qualificaiton 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. While you're shopping for the home that's right for you, we're busy researching the loan program that's just right for you.
Step three: apply now! We make it easy
After you've signed the offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan could not get much easier; you can apply online right here on our site. At the end of this step, we will order the appraisal of your new home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the "funding" and closing. We'll work with this company to ensure the papers your lender requires are in order, and you'll probably}likely sign everything at their officeWe do all the work to work with with this company on your date to close. Because you don't need to coordinate this process, you get to think about moving logistics, if you're going to repaint, carpet, and the details involved in getting your new home.
You've answered a few questions, provided lots of information, applied online, and Before you know it, you're moving! We do the mortgage legwork so you can focus on finding your new home.
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!