How the Mortgage Loan Process Works
Make no mistake, there's a lot to do when you get a mortgage loan. You wouldn't be visiting our site if it were possible to fill out a simple loan app and receive 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.
Getting a home loan involves four major milestones.
Step one: determine how much you can borrow
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? 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 is where the process really begins and you save the most money. You will give us info on your employment, assets, and your residence history. You'll supply your employment, asset, and residence history information. We get your permission to run your credit score and report. After we've finished reviewing your 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 your new home, we're busy finding the loan that's right for you.
Step three: apply now! We make it easy
After you've made an offer and the sellers accept it, you should apply for the loan. It's very easy, and you can do it online, right here on our site. When the time is right, we'll order an appraisal of your new home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll coordinate with this company to ensure all the papers your lender will need are in order, and you will probably}likely sign everything at their officeWe do all the work to coordinate with this company to set your date to close. Because you will not have to worry about these details, you get to concentrate on moving, paint colors, carpet, and the details involved in getting a new house.
You've answered a few questions, given us detailed information, applied online, and Before you know it, you'll be moving in! We take care of the loan details so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Crown Mortgage at (434) 975-5626. It's our job to answer lending questions, so we're happy to help!