The Loan Process: an Overview

Make no mistake, there's a lot to do in oder to get a mortgage loan. You wouldn't be here on our site if it were possible to complete a one-page loan app and get the best loan check cut 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 obtaining a mortgage loan.

Step one: Decide on your maximum loan amount

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 abount 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 quewstions. 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 Crown Mortgage can really save you money. You will provide info on your current job, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). After we have reviewed this info we provide a letter of pre-qualification. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're looking for a new house with your REALTOR™, we find the best program for you.

Step three: apply now! We make it easy

Once you've made an offer and it's been accepted, you should apply for the loan. It's very easy, and you can do it online, right here on our site. After the seller has accepted your offer and you have applied for your loan, we will order the professional appraisal on the home.

Step four: funding

The agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to ensure the papers your lender will require are in order, and you'll probably}likely sign all these papers at this company's officeWe work with with the title company to set your date to close. Since you will not have to worry about these details, you get to concentrate on moving logistics, if you're going to repaint, new carpet, and the fun parts of getting a new house.

You've answered a few questions, given us lots of information, applied , and the next thing you know, you are deciding when to move in! We take care of the loan details so you can focus on finding your new home.

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!

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