After you’ve been pre-qualified for a mortgage and made an offer on a home in your price range, you can start the process of securing a mortgage. Contour Mortgage makes this part of the process as easy and efficient as possible, from the application to closing. Speak to your Contour Mortgage Advisor to find the right type of mortgage for you and your family as there are many to choose from.
Fixed Rate Mortgage
The benefit of a Fixed Rate Mortgage is stability. If you plan on owning your home for many years to come and desire a steady monthly payment, this is the right choice for you. The rate you lock in at is the rate you will pay over the life of the loan. This option might also allow you to put down less money on a down payment.
Adjustable Rate Mortgage
Adjustable rate mortgages can work well if you plan to only stay in your house for a few years or if you want lower payments due to a favorable interest rate environment at the beginning of your loan. There’s a risk in this strategy if rates increase so be sure to consult with your Contour Mortgage Advisor.
Affordable Housing Programs
Some buyers might have difficulty meeting the requirements of traditional mortgage programs. Contour Mortgage advisors are well versed in several affordable loan options.
Construction Mortgages
If you’re building your home from the ground up, you might qualify for a construction loan, which helps keep monthly expenses low with interest-only payments during construction. These payments convert to monthly principal and interest payments at the end of the twelve month construction term or even earlier if your home is completed ahead of schedule.
Jumbo Mortgages
Contour Mortgage advisors might be able to assist you in securing a jumbo mortgage if you require substantial financing.
How Long Will it Take to Get a Mortgage?
Here’s what you can expect when applying for a mortgage with Contour Mortgage. First, know that your advisor will be there every step of the way to answer any questions and facilitate your loan.
The process begins with the application. You can fill out one of our fast and easy online applications or contact a Contour Mortgage advisor to walk you through the application. Once your application is filled out we assign a Loan Processor to verify the financial information on the application and to make sure you have everything you need to proceed. Once this is complete, we order an appraisal of the home from a licensed appraiser to make sure everything is consistent with what is being represented. Then it’s on to the approval phase. Assuming everything meets with the approval of the Loan Processor and the appraiser, a loan underwriter examines the entire package to make sure everything is in order and the loan is ready to fund. All that’s left is signing at the closing table.
For more info, download the Essential Home Buyers' Guide.
