How the Mortgage Loan Process Works
There's no question that getting a mortgage is a complicated process. You wouldn't be researching mortgage loans if you could get a mortgage loan in one day with a simple application. But Crown Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important steps involved in obtaining a mortgage loan.
Step one: Decide how much you can afford
This is a function of a couple things. 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. 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 the process really begins and Crown Mortgage can really save you money. You will supply info on your employment, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We get your permission to pull your credit score and report. We'll review this info then will provide a letter of pre-qualification. Be careful with this letter — it is a useful tool for buying your new home! Your real estate agent will likely use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're looking 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 have made an offer and the sellers accept it, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our site. When the time is right, we will order the appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will work together to decide on a title company to handle the funding of your loan once it has been approved. We'll work with this company to ensure all the papers your lender requires are avaiailable, and you'll probably}likely sign all these papers at their officeWe do all the work to work with with this company on your date of closing. Since you won't have to worry about these details, you can think about the move, if you're going to repaint, carpet, and the fun parts of getting a new house.
You've answered a few questions, given us lots of information, applied online, and before you know it, you are moving in! Crown Mortgage is a mortgage specialist; you're not — so we do the work. Doesn't that sound nice?
Have questions about the loan process? Call Crown Mortgage at (434) 975-5626. We answer questions about the loan process every day.