The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
Make no mistake, there's a lot to do in oder to get a mortgage loan. You wouldn't be visiting our website if you could fill out a simple mortgage application and get the best loan funded the same day. 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 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? 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. 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: pre-qualify for your loan
This is where the process really begins and you save the most money. You will supply information on your current job, assets, and your residence history. You'll supply your employment, asset, and residence history information. We run your credit score and report. When we review this information we will give you a pre-qualification letter. Be careful with this letter — it is a great tool when you make your offer! Your agent will likely use your 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 are researching the best loan for you.
Step three: apply now! We make it easy
After you've made the offer and the sellers accept it, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our website. After the offer has been accepted and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will coordinate to find a title company to handle the funding of your loan once it has been approved. We'll coordinate with this company to ensure the papers your lender will need 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 to close. Because you won't need to worry about these details, you get to concentrate on the move, paint colors, new carpet, and all the details of getting a new house.
You've answered some few questions, given us detailed information, applied , and Before you know it, you'll be moving! Crown Mortgage is a mortgage specialist; you're not — so take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call Crown Mortgage at (434) 975-5626. We answer questions about the loan process every day.