The Loan Process: an Overview
No doubt, a lot to do in oder to get a mortgage loan. You would not be researching mortgage loans if it were possible to get a mortgage loan in a single day by filling out a simple application. We do most of the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
Getting a mortgage loan involves four major milestones.
Step one: determine how much you can borrow
A couple of factors determine this amount. 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. 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: complete a pre-qualification
This is where the rubber meets the road and Churchill Mortgage Company can really save you money. You will supply info on your employment, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission. We'll review this info and provide a pre-qualification letter. Your real estate agent should 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 your new house with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
Once you have made an offer and the sellers have accepted, you should apply for the loan. Applying for a loan could not be much easier; you can apply online right here on our site. At the end of this step, we will order the appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will coordinate to designate a title company to take care of the funding of your loan once it has been approved. We'll work with this company to ensure the papers your lender requires are avaiailable, and you'll probably}likely sign all these papers at their officeWe work with with the title company to set your closing date. Because you won't need to worry with this coordination, you can concentrate on moving, if you're going to repaint, carpet, and the fun parts of moving into your new house.
You've answered some few questions, provided lots of information, applied , and Before you know it, you're moving! Churchill Mortgage Company is a mortgage specialist; you're not — so we take care of the details. Doesn't that sound nice?
Have questions about the loan process? Call Churchill Mortgage Company at (703) 551-4107. We answer questions about the loan process every day.