How the Loan Process Works
In the market for a mortgage loan? We can assist you! Call us at (419) 355-2258. Ready to begin? Apply Online Now.
There can be no doubt that getting a mortgage is a complex process. You would not be researching mortgage loans if it were possible to get a loan in one day by filling out a simple application. We do most of the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
Getting a mortgage loan involves four major milestones.
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 credit, employment history, income, 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. 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-approval for your loan
This is where the process really begins and Croghan Colonial Bank can really save you money. You will give us information about your employment, assets, and residence history. You'll give us your employment, asset, and residence history information. We pull your credit score and report. We will go over all this info and will provide a pre-approval letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for a new home with your REALTOR™, we find the best program for you.
Once you have made the offer and the sellers accept it, you should apply for the loan. It's very easy, and you can do it online, right here on our site. After the seller has accepted your offer and you have applied for your loan, we will order the professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will coordinate to find a title company to handle the funding of your loan once it has been approved. We'll work with this company to ensure all the papers your loan requires are available, and you'll sign the closing documents at the title company's office. We work with the title company on day of closing to ensure that the closing is smooth.
You've answered a few questions, given us lots of information, applied online, and before you know it, you're moving! Croghan Colonial Bank will take care of the details.
Have questions about the loan process? Call Croghan Colonial Bank at (888) 276-4426. We answer questions about the loan process every day.