How the Loan Process Works
There's no question that getting a mortgage loan is a complicated process. You would not be researching mortgage loans if you could get a loan in a single 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 primary steps involved in getting a loan.
Step one: Decide on your maximum loan amount
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. 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 step is where Crown Mortgage will start saving you money. You will supply info on your current job, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (with your permission, of course). After we've finished reviewing this information, we'll provide you with a pre-qualificaiton letter. Your REALTOR® should use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for a new house with your agent, we find the best program for you.
Step three: apply now! We make it easy
Once you have made an offer and it's been accepted, it's time to complete the loan application. Applying for a loan couldn't get much easier; you can apply any time right here on our site. Finally, we will order an appraisal of your new 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 once it has been approved. We'll work with this company to ensure all the papers your lender will require are avaiailable, and you will probably}likely sign everything at this company's officeWe do all the work to coordinate with this company on your date to close. Because you won't need to worry with this coordination, you get to think about the move, paint colors, carpet, and the details involved in getting your new house.
You've answered some few questions, provided lots of information, applied , and the next thing you know, you are moving in! Crown Mortgage is a mortgage specialist; you're not — so we do the work. Makes sense, doesn't it??
Have questions about the loan process? Call Crown Mortgage at (434) 975-5626. Crown Mortgage answers loan process questions every day.