The Loan Mortgage Process: Four Steps
Make no mistake, there's quite a lot involved in order to get a mortgage. You would not be researching mortgage loans if it were possible to get a loan in one day by filling out a simple application. But Community Mortgage, LLC (NMLS: #224143) does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Step One: Decide how much you can afford
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 amount using the calculators on our website. We'll also help you through different scenarios by asking a few simple questions. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.
Step Two: Pre-qualify for your loan
This is where the process really begins and you save the most money. You will give us information on your current job, assets, and your residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (with your permission, of course). After we've finished reviewing this information, we'll give you a pre-qualification letter. Your agent will likely use the pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're looking for your new house with your Realtor®, we find the best program for you.
Step Three: Apply now! We make it easy
Once you have made the offer and the sellers have accepted, you should complete the loan application. It couldn't be easier, and you can do it online, right here on our site. At the end of this step, we'll order an appraisal of your new home.
Step Four: Funding
Your Realtor® and the sellers will work together to find a title company to handle the funding of your loan once it's approved. We'll coordinate with this company to make sure all the papers your lender will require are in order, and you'll likely sign everything at this company's office. We will coordinate with the title company on your date of closing. Because you will not have to worry with this coordination, you can think about the move, if you're going to repaint, new carpet, and all the details of moving into your new home.
After you have answered some few questions, given us lots of information, and applied online, you'll be moving in before you know it! Community Mortgage, LLC (NMLS: #224143) is in the business of loans; you're not — so let the experts do the work. Doesn't that make sense?