The Financing Process
Demystifying Home Loans
The home loan process can feel overwhelming
By collaborating with a trusted lender and remaining informed through every step of the process, from pre-approval to closing, you can have a significantly more comfortable experience. You’ll want to consult with a mortgage specialist (or two) to find a professional who you are confident will provide you with the best care. To get an idea of what to expect, review the following home loan process steps.
Primary Residential Mortgage, Inc.
Todd Dennis
Branch Manager
NMLS# 178583
State Licenses:
Delaware - Licensed by the Delaware State Bank Commissioner to engage in business in Delaware 5644 expires on 12/31/2023. Autorizado por el Comisionado Estatal de Banca de Delaware para hacer negocios en Delaware 5644, vence el 31/12/2023.
Florida - Florida Office of Financial Regulation MLD646. Oficina de Regulación Financiera de Florida MLD646.
Maryland - Maryland Department of Labor, Licensing and Regulation Commissioner of Financial Regulation #5511 www.nmlsconsumeraccess.org. Departamento de Trabajo, Licencia y Regulación de Maryland, Comisionado de Regulación Financiera #5511 www.nmlsconsumeraccess.org.
Pennsylvania - Pennsylvania Department of Banking and Securities. Departamento de Pennsylvania de Banca y Valores.
Virginia - Virginia-Bureau of Financial Institutions: MC-2248 Broker MC-2248 NMLS # 3094 (http://nmlsconsumeraccess.org). For refinance advertisements, that state, a reduction on monthly payment, please note: the total finance charges maybe higher, over the life of the loan. Virginia-Oficina de Instituciones Financieras: MC-2248 Bróker MC-2248 NMLS # 3094 (http://nmlsconsumeraccess.org). Para anuncios acerca de refinanciamiento: Si se menciona que se reducirán los pagos, por favor, nótese que se los cargos de financiamiento podrían ser más altos durante la duración del loan.
Crown Title Corporation
Adam Holmwood
Attorney
License# 0812170070
About Us
In this highly competitive and ever-changing real estate environment, it is more important than ever to align yourself with a knowledgeable, experienced, and reputable title company.
For over three decades, Crown Title Corporation has served as an invaluable resource to buyers, sellers, investors, and lenders across the country. We are dedicated to getting our clients’ real estate transactions to the closing table and protecting their investments for years to come.
Our experienced staff has handled hundreds of thousands of transactions throughout the many years we have been in business. With this vast experience comes a wealth of acquired knowledge, dealing with even the most complex title issues. Whether it’s a residential home, investment property, commercial building, or vacant land, Crown Title Corporation has you covered.
Step One:
Get pre-approval
Before you start looking for a home to buy, it’s wise and proactive to meet with a lender to get pre-approved for a loan amount. Offers accompanied by a pre-approval letter are stronger and will stand out, especially when the seller is receiving multiple offers.
To gain pre-approval, your preferred lender will gather information about income, assets, and debts to help determine how much you can borrow. This includes gathering a credit report, W-2 forms, pay stubs, federal tax returns, and recent bank statements.
There are a variety of home loan programs offering different advantages depending on your unique needs and preferences. Your preferred lender can go over the specifics of each to ensure you find a loan option that best aligns with your needs.
Estimate Your Monthly Payment
Estimate your mortgage payment, including the principal and interest, taxes, insurance, HOA, and Private Mortgage Insurance.
Price
Annual Tax
Loan Term (Years)
Down Payment %
Interest Rate %
Monthly HOA
Monthly Insurance
$3,198.20
Estimated Monthly Payment
Principal
$2,398.20
(75.0%)Taxes
$500.00
(15.6%)HOA
$100.00
(3.1%)Insurance
$200.00
(6.3%)Step Two:
Find the best loan
Collaborating with a top-notch local loan officer will ensure you have access to competitive rates and programs that best fit your individual needs. Take the first step by completing this form to get connected today!
Step Three:
Application and Processing
When you find the perfect property and your offer is accepted, your lender will help you complete a full mortgage loan application, discuss down payment options, and explain any related fees.
Then, your application is submitted for processing where the documents are reviewed. Your lender will also order a home appraisal and a property title search.
The next part of the application process involves sending everything to an underwriter who will review and approve the entire loan package to make sure it meets all compliance regulations.
It is not unusual to receive requests for additional documentation or clarification during this phase of the application process.
Step Four:
Signing and Finalizing the deal
Once your loan is approved, you’ll need to set up homeowners insurance.
Your documents will be sent to the title company and the closing will be scheduled for you to sign the necessary paperwork and pay any additional costs to complete the purchase of your new home.
After the loan goes through the required recording process, the purchase is complete, and you officially own your new home!
