The Loan Process: an Overview
Shopping for a mortgage? We can assist you! Call us at 319-283-4000. Want to get started? Apply Online Now
There is little doubt ; getting a mortgage is a complicated process. You wouldn't be here on our site if you could complete a one-page loan app and receive an excellent loan funded in one day. But Community Bank of Oelwein 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 on your maximum loan amount
This is a function of a couple things. 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? You can get a good idea of your preferred payment amount using the calculators on our website. And we can guide you to the right loan amount and best program for you when you answer a few 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 Community Bank of Oelwein will begin saving you money. You will provide information on your current job, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (with your permission. We will review all this info then give you a letter of pre-qualification. Your agent will use the 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 your new home with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
Once you have made the offer and it's been accepted, it's time to complete the loan application. It's very easy, and you can do it online, right here on our website. Finally, we'll order an appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to decide on a title company to take care of the funding of your loan once it has been approved. We'll work with this company to make sure all the papers your lender requires are available, and you will probably}likely sign everything at their officeWe coordinate with this company to set your date of closing. Because you won't need to worry with this coordination, you can think about moving, if you're going to repaint, carpet, and the fun parts of moving into your new home.
You've answered some few questions, given us detailed information, applied , and Before you know it, you'll be moving! We take care of the loan details so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call Community Bank of Oelwein at 319-283-4000. Community Bank of Oelwein answers loan process questions every day.