How the Mortgage Loan Process Works
There is no doubt ; getting a mortgage is a complicated process. You wouldn't be here on our website if it were possible to fill out a one-page application and get an excellent loan funded in one day. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
There are four important steps involved in getting a mortgage loan.
Step one: Decide on your maximum loan amount
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. 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 is where Crown Mortgage will start to save you money. You will provide info on your employment, your assets, and residence history. You'll supply information on your employment, asset, and residence history. We pull your credit score and report. When we review all this information we will give you a pre-qualification letter. Be careful with this letter — it is a great tool for buying your new home! Your REALTOR® should 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 researching the loan program that's just right for you.
After you've signed the offer and the sellers accept it, it's time to apply for the loan. It's very easy, and you can do it online, right here on our site. After the offer has been accepted and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: funding
The real estate agents will find a title company to handle the "funding" of the loan and closing. We'll work with this company to ensure the papers your lender needs are in order, and you will probably}likely sign everything at their officeWe do all the work to work with with the title company on your closing date. Since you will not need to worry with this coordination, you can think about the move, painting, new carpet, and the fun parts of getting your new house.
You've answered some few questions, given us detailed information, applied , and Before you know it, you're moving in! We take care of the loan details so you can spend your time finding your new home.
Have questions about the loan process? Call Crown Mortgage at (434) 975-5626. Crown Mortgage answers loan process questions every day.