A Shoppers Guide to
Getting a Mortgage

Are you just starting the mortgage loan process? Feeling a bit lost or overwhelmed? Well you’ve come to the right place. We have plenty of resources for first time buyers, or those that just need a quick refresher!

The Gold Key Experience

Over the course of our 20+ years in the mortgage industry, Century Mortgage has become one of the leading mortgage lenders in our area. With interest rates still near historical lows, we want to help you break down loan options, as well as all of the other things you need to consider during your mortgage buying process:
Let Your Financial Institution Pull Your Credit Score

If you’ve gone to one of those “free credit score” sites online, you may think you have an accurate version of your credit score. However, you may only be getting part of the picture. Lending institutions pull your scores from different, more nuanced engines. There can be as much as a 60-point difference in your score, and it’s very often in your favor. Your score may be better than you think.

You May Not Need as much down payment as you think

People often forgo purchasing a home because they believe that they need at least 20% of the purchase price for a down payment. This generally isn’t the case. Lower down payment options are available to most borrowers. The required amount of down payment can vary, however, for applicants with low credit scores, or unique financial circumstances, so consult your loan officer for more details.

consider more than just conventional fixed rate

The 15 and 30-year conventional fixed loans are the bedrock of the mortgage industry. However, you may be able to get a better deal if you qualify for certain government loan options. For instance, military veterans can get great rates on mortgages and low down payments through a VA loan. Buyers who are purchasing a property that is in a rural area may be able to take advantage of great rates with small down payments through a loan offered by the US Department of Agriculture. Look at our Resources page for more information on the types of loans we offer and whether you might qualify for them.

think of your new home as an investment

When you rent, you write your monthly check and that money is gone forever. But when you own your home, you build equity through monthly payments of principle. You may also be able to deduct the cost of your mortgage loan interest from your federal income taxes. In addition, the value of your home may go up over the years. Finally, you’ll enjoy having something that’s all yours – a home that shows your own personal style as well as an investment in your future.

Know the Loan Process

At Century, we pride ourselves on being able to put together loans based on the client’s schedule and timelines. However, we do recommend pre-approvals, so you can pull the trigger on a property you like when you find it. Even with pre-approvals, the process of getting a mortgage signed and finalized has several steps to consider. Here’s how our process works:

Step #1: Pre-qualification

You will start your home mortgage journey by applying with one of our Loan Officers. They will assess your financial and personal situation to see which home mortgage is right for you. This step allows our team members to get to know you and build a relationship that will last throughout the home loan process.

Step #2: Origination

During this step, you will meet with your Loan Officer face-to-face to go over the important documents pertaining to your home loan. You will be expected to bring in supporting documents for your loan application. We will discuss the mortgage contract and you will officially secure your Century Mortgage home loan.

Step #3: Processing

This step in the mortgage loan application process is one of the most important. During this stage, we will verify all of your financial information and do an initial check of your income, assets, and credit. If everything looks like it should, we will order a Title and Appraisal on your new home to ensure its value.

Step #4: Underwriting

This step in the loan process is where our loan underwriting team looks over your application to ensure that we have everything we need. As long as your financial or personal situation hasn’t changed and Century’s guidelines and internal underwriting requirements are met, everything should be approved and your mortgage loan can move forward.

Step #5: Clearing Conditions

Every new mortgage loan has a set of ‘conditions’ that need to be met before a final sign-off can happen. Our team will make sure that you have the proper items in place, such as homeowner’s and flood insurance. They will also reassess your finances one last time to make sure that everything is still the same as when we started.

Step #6: Closing

The best part of any mortgage loan application. This is where we officially sign off on your home loan and wire the funds for your mortgage and escrow. Documents will be sent to a closing attorney who will make everything official and you will receive the keys to your new home!

Find More Resources

Need information on the best options for refinancing? Looking for help on selling your home without a realtor? Confused about the difference between a conventional and adjustable rate mortgage? Take a look at the Buyer Resources area of our Century Mortgage blog to get all the information you need to successfully navigate your next home loan.

Gen Xers Better off while Boomers and Millennials Moving with their Kids

Generation X is finally on the mend and on the move. Young Boomers are buying homes with enough room for their adult children to live with them. Millennials are heading to the suburbs with their kids. All this was revealed in a recent study by the National Association of Realtors® (NAR), the 2017 Home Buyer and Seller Generational Trends, which evaluates the generational differences of recent home buyers and sellers.

Read More

Recent New Home Sales Surge

Despite persistently low inventories of homes for sale and recently increased mortgage rates, new construction sales rose 6.1% on the month and increased an impressive 12.8% on the year, according to the Census Bureau. The Midwest led the charge, with sales increases of close to 31% month over month and more than 50% on the year. Transactions in the Northeast fell just over 21% in February from January but were still up.

Read More

FHA Loans on the Rise Thanks to Millennial Buyers

The most recent Millennial Tracker report released from Ellie Mae indicates that the mortgage market FHA loans are on the rise – and will likely continue to be – as increasing numbers of Millennials take on the rite of homeownership. Millennials, who make up a growing number of homebuyers in the U.S., are leveraging FHA loans to maximize the advantages of lower down payments and lower average FICO score requirements.

Read More

What our clients say

Paula Glenn is amazing to work with! We closed on our dream home within 30 days. She made what seemed impossible at times possible. We will recommend Century Mortgage to ALL our friends & family members!! Thank you for all you do, Paula!!!- Reisha B
Selena Jones got us a great rate and found us a credit towards our closing costs. She got us closed in 31 days despite it being the holidays. Through out the entire process it never took her more than a few moments to get back with us on any questions we had. We couldn't have asked for a better experience buying our first home!- Steff O
We appreciate your help and hard work in our recent business with you guys. You are great! The extra time and effort you put in, did not go unnoticed. Thanks again and we appreciate you! You have always knocked it out of the park!- Brittany & Eric Y

Don’t wait any longer. Request Your Pre-Approval Today!

Still have questions or want to begin the process for your next mortgage? Contact us today and we will put you in contact with one of our knowledgeable Loan Officers who can help you get your next mortgage secured today.

*Loan programs and program terms are subject to change at any time. This is not a commitment to lend. Please note that a true cost comparison between renting and homeownership requires consideration of many factors, including costs of upkeep and maintenance incident to homeownership that you may not have as a renter. Nothing on this page is intended to constitute tax or financial advice. Please consult a licensed financial advisor or tax attorney for information specific to your circumstances.

Contact Us We Really Do Want to Hear From You
Interested in getting a mortgage? Have a general question for our Loan Officers? Just want to say hello? Send us an email and we will get back with you as soon as possible!
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