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The Loan Process

How the Loan Process Works

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 essential in 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 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: Get Pre-Approved

This is where the process begins, and Croghan Colonial Bank can save you money. 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, we'll find the best program for you.



Step Three: Apply For Your Loan

Once you have made the offer and the sellers accept it, you should apply for the loan. It's straightforward, and you can start by applying online. After the seller has accepted your offer and you have applied for your loan, we will order a professional appraisal of the home.



Step Four: Your Loan Is Funded

Your real estate agent and the sellers 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 the day of closing to ensure that the closing is smooth.



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*All loans are subject to credit approval.

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