Getting approved for a mortgage does not have to be a long and drawn out process. When Classic Mortgage Corporation provides your home financing, the loan process is completed quickly and with personal attention to your needs.
The first step is to submit a loan application. You can submit your application using several options, depending on which is most convenient for you:
- Visit our office and speak with a Mortgage Consultant
- Apply online
No matter how you choose to submit your application, you will work with an experienced Mortgage Consultant throughout the entire loan process. If you are a first time home buyer, it is highly recommended that you schedule an appointment and meet in person with a Mortgage Consultant. We take pride in making sure you understand the complete mortgage process.
If required, an appraisal of your property is ordered during the processing. This step is necessary to determine the value of the home you are purchasing or refinancing. The appraisal is completed by an independent fee appraiser that is assigned through an Appraisal Management Company (AMC). The appraiser will contact the listing realtor on purchase transactions or you on a refinance transaction for access to the property soon after the actual appraisal is ordered and paid for.
- Credit – how you’ve paid your debts in the past
- Capacity – your actual ability to repay the loan based on your income and other debts you are paying.
- Collateral – the value of the property you are buying or refinancing and are pledging as “collateral” for the loan.
While we try to obtain all required documentation prior to the file going to underwriting, additional documentation may be required during the process. In underwriting, your loan will be approved, denied or suspended for further information.