An Overview of the Loan Process
In the market for a mortgage? We'll be glad to answer your questions about our mortgage offerings! Call us at (800) 288-9693. Ready to get started? Apply Now
There is no question that getting a mortgage loan is a complex process. You wouldn't be visiting our site if it were possible to complete a one-page mortgage application and receive a great loan check cut in one day. But Cottingham Mortgage Inc. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four primary steps involved in getting a loan.
Step one: Decide how much you can afford
A couple of factors determine this amount. How much of a monthly payment can you afford? 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 amount using the calculators on our website. 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 give us details on your current job, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We get your permission to pull your credit score and report. After we've reviewed the provided information, we'll provide you with a pre-qualification letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for the home that's right for you, we're busy finding the loan program that's right for you.
Once you have made the offer and it's been accepted, you should apply for the loan. Applying for your loan couldn't get much easier; you can apply from the comfort of your home right here on our site. When the time is right, we will order an appraisal of your new 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 make sure the papers your lender will require are available, and you will probably}likely sign everything at this company's officeWe do all the work to work with with this company to set your date of closing. Since you will not need to coordinate this process, you can concentrate on moving, painting, carpet, and the fun parts of moving into a new home.
You've answered some few questions, given us detailed information, applied , and the next thing you know, you are moving in! Cottingham Mortgage Inc. is a mortgage specialist; you're not — so we do the work. Doesn't that make sense?
Have questions about the loan process? Call Cottingham Mortgage Inc. at (800) 288-9693. We answer questions about the loan process every day.