How the Mortgage Loan Process Works
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There is no question that getting a mortgage is a complex process. You would not be looking up loan information if you could get a loan in a single day with a simple application. But Community Mortgage Corp. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four primary steps involved in obtaining a loan.
Step one: determine how much you can borrow
This is a function of a couple things. 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 amount using the calculators on our website. And we can guide you to the right loan amount and best program for you when you answer a few 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 you save the most money. You will supply information on your employment, assets, and residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). When we review this information we give you a pre-qualification letter. Handle it with care — it can be a great tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for the home that's right for you, we are looking for the loan that best fits your needs.
Once you have made the offer and it's been accepted, it's time to complete the loan application. It's very easy, and you can apply online, right here on our website. After the seller has accepted your offer and you have applied for your loan, we will order a professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to decide on a title company to take care of the funding of your loan once it's approved. We'll coordinate with this company to ensure all the papers your lender requires are in order, and you'll probably}likely sign all these papers at their officeWe do all the work to work with with this company to set your date to close. Since you will not have to coordinate this process, you get to think about moving, if you're going to repaint, carpet, and the fun parts of moving into your new house.
You've answered a few questions, provided detailed information, applied , and Before you know it, you'll be moving! Community Mortgage Corp. is a mortgage specialist; you're not — so we take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Community Mortgage Corp. at (630) 534-5500. It's our job to answer lending questions, so we're happy to help!