We've built the most convenient home loan service ever! Here's how it works:
You'll complete our online application.
The application will ask you questions about the home and your finances and takes less than 20 minutes to complete. After your application is submitted, one of our loan officers will review your information and contact you within 3 business days with a loan decision. Your loan officer is a mortgage expert who can answer questions, give advice, and provide updates on your loan status. They will be your sole contact at Centennial for the duration of the loan process. If your request wasn't approved online, they'll ask you for any information required to make a decision about your loan.
We'll send you an application kit and prepare your loan for closing.
The application kit will be sent to you and will contain papers for you to sign and a list of items we'll need to verify the information you provided about your finances during the online application. Once we have received all of the necessary documentation, your loan officer will be able to send your file to their processor who will then order services and prepare the file for underwriting.
First, they'll review your income and order the appraisal from a licensed appraiser who is familiar with home values in your area. Depending on your finances and the loan amount requested, different types of appraisals are used. Sometimes the appraiser will need to view the home; sometimes they are able to do their evaluation from the street.
Title insurance will be necessary. If you are purchasing a home we'll work with the real estate broker or seller to ensure the title work is ordered as soon as possible. If you are refinancing, we'll take care of ordering the title work for you. We'll use the title insurance policy to confirm the legal status of your property and to prepare the closing documents.
After we receive the appraisal and the title work, the loan processor will submit your file to our underwriting department for review. Depending on the property and your finances, additional documentation may be requested.
We'll contact you to coordinate your closing date.
As soon as the underwriters give final approval, we'll contact you to schedule your loan closing. If you are purchasing a home, we'll also schedule the closing with the real estate broker and the seller.
The closing will usually take place at the office of a title company in your area who will act as our agent, but sometimes people choose to close at their credit union or residence. If there are extenuating circumstances, a remote closing or power of attorney can be arranged. A few days before closing your loan officer will contact you to walk through the final information.
That's all there is to it! Apply Now and you will be on your way to the most convenient home loan ever!