The Mortgage Loan Process: an Overview
There's a lot to do when you get a mortgage loan. You wouldn't be here on our website if it were possible to fill out a one-page loan app and get a great loan funded the same day. But Churchill Mortgage Company does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in getting 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? 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. We'll also help you through different scenarios by asking a few simple 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 provide info about your current job, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (with your permission, of course). We'll review this information then will give you 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. The pre-qual letter gives you buying clout! While you're looking for a new house with your REALTOR™, we find the best program for you.
Once you have made the offer and the sellers have accepted, you should complete the loan application. Applying for your loan couldn't be much easier; you can apply right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to decide on an escrow/title company to handle the funding of your loan. We'll work with this company to ensure the papers your lender will require are avaiailable, and you will probably}likely sign everything at their officeWe do all the work to work with with this company on your closing date. Since you will not need to worry with this coordination, you get to think about the move, if you're going to repaint, carpet, and all the details of getting a new house.
You've answered a few questions, provided lots of information, applied online, and Before you know it, you're moving! Churchill Mortgage Company is in the business of loans; you're not — so take care of the details. Doesn't that sound nice?
Have questions about the loan process? Call Churchill Mortgage Company at (703) 551-4107. Churchill Mortgage Company answers loan process questions every day.