Home Purchase Center

Community Central Mortgage Company, offers all of the competitive programs available for your mortgage needs. And the best part is you deal directly with the lender allowing you to get the perfect home loan without all of the hassles of dealing with an "Indirect Lender."

No matter what your reasons for moving - larger family, relocation, new job, or you are down sizing from a larger home, you'll be glad we're here to walk you through the process.

The section below is a short refresher course for experienced homebuyers.

Our Loan Process

1. Selecting The Right Loan Program

Your first step in getting a loan is deciding what kind of loan is best for you.

When you apply for your mortgage loan, you'll need to have a program in mind so we can approve you for a specific interest rate and term.

2. Applying For A Loan

When applying for a loan you have two options. Either you can apply after you have already signed a purchase agreement, or before making an offer, which is known as being pre-approved.

When you make your loan application you will have the option to either lock-in at the current interest rate and points for periods ranging from 10 days to 6 months or you may elect to float the interest rate with the market and lock-in at a later date. If you elect to lock-in, the interest rate and points on your loan will be fixed for the period of the lock-in regardless of changes to interest rates in the market either up or down. If you elect to float, the interest rate on your loan will be determined by the interest rates available when you choose to lock-in and could be either higher or lower than the interest rates available on the day you first sat down with us to make your loan application.

When you apply for a mortgage we may ask you to pay for a credit report fee at the time of application. It's that simple!

3. Getting Pre-Approved

You can be Pre-approved for a mortgage before you find the house you want to buy. Getting Pre-approved will make you a stronger buyer, just like a "Cash Buyer" in the eyes of the seller. The only step remaining in the mortgage process is to have the property appraised and or inspected. Be sure and check out our "Pre-Approval" tab to the left for detailed information about this great Community Central Mortgage program.

4.Processing the Loan Application

When we say your loan is in "processing" we mean that your loan is being worked on to make sure that all of the required documentation has been obtained and checked to ensure the conditions stated on the approval have been met.

When the processor receives your file, we will order an appraisal on the property. Within three business days you will be sent a complete set of mortgage documents from Community Central Mortgage. These documents may include a Good Faith Estimate, a Truth-in-Lending notice, and other information regarding your loan application.

Within the first week of your application an appraiser hired by Community Central Mortgage should have made an appointment with you (If you are selling "By Owner") or your real estate agent to perform a physical inspection of the home you are buying.

Once your file is processed we will prepare your loan for submission for approval.

5. The Underwriting Decision - Your Approval

A Community Central Mortgage underwriter will review and analyze the processed loan package and either approve, deny or request additional information from you. In reaching a decision on your loan, the underwriter will take into consideration your income, credit, assets and the appraisal of the home.

The underwriting process usually takes less than 24 hours, but may take up to two days to complete.

6. Closing your loan

When your file has been through the processing and underwriting stages and your application is approved, you'll be ready for closing. You'll be ready for closing. The closing will either take place in our office or at one of our approved Title Companies. At the closing you'll be glad you selected Community Central Mortgage Company for your home financing needs. We will have prepared all of the important documents for you and the seller to sign. We will be there with you, our mortgage funds in hand, to complete the transaction. Our goal is to make the transition of ownership between you and the seller a seamless and enjoyable experience. The dream of homeownership is now a reality and moving day is just around the corner.

Congratulations! You have now completed the process. We hope that we have provided you with the information you need to make the best possible decision for you and your family.