Home Purchase Loans

Owning a home is one of the biggest milestones in a person’s life. It is a major financial commitment that may test you. It’s easy to say that you want a home but the process of acquiring it is not as easy as you might think. The whole process can be confusing and that’s why it’s best to get familiar with the process and to enlist the help of professionals. Columbus Mortgage Lending is here to help. Once you decide that you want to buy a home, the loan comes next. Here is some basic information on the home loan process.

Needs Assessment

A designated loan officer will evaluate your needs and goals as part of the pre-approval process. They will look at your credit score, the property value of the home and the loan amount. Among other things. These will all help determine the best loan product for your situation. Examples of home loans you may be eligible for include:

  • Conforming loans
  • Non-conforming loans
  • Jumbo loans
  • Portfolio loans
  • Sub-prime loans

Pre-Qualification

It is best to compile your financial information to prevent any delays in your application. Your financial information includes your income and expenses, information that will help determine what loan amount you qualify for.

Pre-Approval

You should consider a loan pre-approval if you want to speed up your loan process. Requirements vary but normally you need W-2s from the last two years, your latest pay stubs,and account statements for any mutual funds, stocks or bank accounts that you may own.

Final Approval

Columbus Mortgage Lending prides itself on having an efficient loan process that lets you secure your loan without a hassle. We can process your papers and help you prepare for the closing. We assign client representatives to help prevent any problems and to reduce unnecessary stress.

Closing

Once you get your loan approval then there needs to be some final disbursements. You need to sign loan documents. Columbus Mortgage Lending can process the documents right within the comforts of your home and at a time most convenient for you.Confirm with your loan officer any requirements you may need to conform to before signing.

Buying a house is a major step and you need to make sure that your finances are in order before you commit to it fully. Working with experienced professionals like Columbus will ensure that you don’t commit mistakes, pay for added costs and delay your purchase.