How the Loan Process Works
There can be no doubt that getting a mortgage loan is a complicated process. You wouldn't be looking up loan information if it were possible to get a mortgage loan in one day by filling out a simple application. But Churchill Mortgage Company does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important steps involved in getting a mortgage 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? What is the maximum you can borrow from a lender, given your income and credit history? Use the calculators on our website to determine your monthly payment amount. 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: complete a pre-qualification
This is where the process really begins and you save the most money. You will give us information on your current job, assets, and residence history. You'll supply your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission. We'll review all this info then will give you a letter of pre-qualification. Your real estate agent will likely use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're picking out the home that's right for you, we're busy researching the loan program that's right for your unique situation.
Once you have signed an offer and the sellers accept it, it's time to apply for the loan. Applying for a loan could not be much easier; you can apply from the comfort of your home right here on our site. At the end of this step, we will order the appraisal of your new home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" and closing of the sale. We'll work with this company to make sure the papers your lender will require are in order, and you'll probably}likely sign everything at their officeWe do all the work to work with with this company to set your date to close. Since you don't have to coordinate this process, you can concentrate on moving logistics, paint colors, carpet, and the fun parts of getting a new home.
You've answered a few questions, given us lots of information, applied online, and before you know it, you're deciding when to move in! We take care of the legwork so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Churchill Mortgage Company at (703) 551-4107. Churchill Mortgage Company answers loan process questions every day.