The Mortgage Loan Process: an Overview
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Make no mistake, there's quite a lot involved when you get a mortgage loan. You wouldn't be researching mortgage loans if it were possible to get a loan in a single day by filling out a simple application. But Commonwealth Mortgage & Investments, Inc. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in obtaining a mortgage loan.
Step one: determine how much you can borrow
A couple of factors determine this amount. 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? 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. 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 Commonwealth Mortgage & Investments, Inc. can start saving you money. You will give us details on your current job, assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission. When we review all this information we will provide a pre-qualification letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for a new home with your real estate agent, we find the best program for you.
Step three: apply for your loan
Once you have made the offer and it's been accepted, you should complete the loan application. Applying for your loan could not get much easier; you can apply any time right here on our site. Finally, we will order an appraisal of your new home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" and closing. We'll work with this company to make sure 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 this company on your date to close. Because you will not have to coordinate this process, you can think about the move, if you're going to repaint, new carpet, and the details involved in getting your new house.
You've answered a few questions, provided detailed information, applied online, and before you know it, you are moving in! We take care of the loan details so you can focus on finding the new home that's right for you.