The Mortgage Loan Process: an Overview
There can be no doubt that getting a mortgage loan is a complex process. You wouldn't be researching mortgage loans if it were possible to get a 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.
Getting a home loan involves four major milestones.
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. 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 rubber meets the road and Crown Mortgage can really save you money. You will give us information about your employment, your assets, and residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (with your permission. After we've finished reviewing the provided information, we'll give you a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for the home that's right for you, we are finding the best loan program for you.
Once you have signed an offer and the sellers accept it, it's time to apply for the loan. It couldn't be easier, and you can apply online, right here on our website. When the time is right, we will order an appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will coordinate to find an escrow/title company to handle the funding of your loan once it has been approved. We'll work with this company to make sure the papers your lender will require are in order, and you'll probably}likely sign all these papers at their officeWe work with with this company to set your date to close. Because you don't need to worry with this coordination, you get to concentrate on moving logistics, paint colors, carpet, and the details involved in getting a new home.
You've answered some few questions, provided lots of information, applied online, and before you know it, you're deciding when to move in! We take care of the legwork 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.