Whether you are first home buyer or you have purchased a home in the past, Colonial Mortgage is here to help with every step along the way. Even before you begin you search for the perfect home talk to us and we will provide you with the financial information you need to make an informed decision, such as:
It only takes a few minutes to get all of this information and when you are ready we can prepare a pre-approval letter that you can present to your realtor or seller of the home you want to buy. Just Click Here to get started or give us a call today at 804.967.2560.
There are different reasons to refinance your home. Are you looking for the lowest interest rate, convert an adjustable rate mortgage to a fixed rate, combine your first and second mortgages, looking to get cash out or looking to remove someone from the title?
Whatever the reason, we can make the process easy for you. We just need your address, what you owe and the reason you are considering refinance then we can work up a loan scenario for you. Just Click Here to get started or give us a call today at 804.967.2560.
Are you considering a Reverse Mortgage or have questions and need more information? We are right here in Richmond and would be happy to meet with you in person or talk with you over the phone to answer any questions that you may have.
If you or your spouse is 62 years or older and want to pay off your mortgage, supplement your income, or pay for healthcare expenses, a reverse mortgage may be the answer.
Your name will still be on the title of your home and you can leave it to your children if you wish.
If you choose a credit line option, it will actually grow over time.
If your credit is less than perfect give us a call, we may still be able to help.
All we need to get started is your address, what you owe and your birthdates to work up some preliminary figures for you. Call us today at 804-967-2560 to learn more!
You don’t have 20% to put down? Don’t worry, depending on your income, credit score and where you want to live, there are couple of different options for you.
If you are a Veteran, or looking to live in a rural area as defined by the USDA, you may be eligible for 100% financing. We also have other options for as little as 3% down. Many programs allow for down payment and closing cost gifts form relatives and along with closing cost assistance from the sellers. Call us today at 804.967.2560 to discuss the different options that are available for you.
If you are a veteran, an active-duty service member or eligible surviving spouse of a veteran, a VA home loan can help you realize your dream of homeownership. Choose between a fixed-rate or an adjustable-rate mortgage when purchasing a primary residence, or refinance an existing VA home loan to lower your mortgage rate and monthly payment. Program benefits include:
The easiest way to know if you qualify is to give us a call, but here is a simple way to think about how the banks will look at your student loan debt. For the most part, the leader is going to use 1% of the loan balance as a monthly payment, or the actual payment reporting on the credit report. If you have less than 10 months or fewer payments left, we may be able to exclude the payment. These guidelines are subject to change so make sure to give us a call at 804.967.2560 so we can give you the most up to date information.
The process is simple, you can give us a call or you can fill out the online application. Once we have your name, address, income and employment, and the information to pull your credit we can begin the prequalification process and determine the loan product that is right for you. Then we can produce the loan docs including the Loan Estimate for you to sign here, or e-sign on your computer. If the lender requires an appraisal, we will order it at the time. The underwriter will do an initial underwrite of the file and may ask for additional documentation or clarification. Once the appraisal comes back and is satisfactory and the underwriter approves the loan, you will be clear to close. You will receive a Closing Disclosure from the lender that you must acknowledge receiving, either electronically or by signing in person. Then after the 3 business day waiting period, you will be able to close. If you are purchasing a home, your loan will fund the day of closing. If you are refinancing, in the state of Virginia, there is a 3 business day waiting period before your loan funds.
Some people assume they need perfect credit to qualify for a mortgage loan. Even though it takes between seven and ten years for derogatory information to fall of credit report, it is possible to purchase a home with a foreclosure, bankruptcy, late payments or short sale on your credit record. Several mortgage programs have low credit score minimum requirements to accommodate borrowers with past credit issues. Call 804.967.2560 to talk with one of our mortgage specialists to discuss your options.
The underwriter may request additional or updated information as part of the underwriting process.
We respect your privacy and take your financial privacy very seriously. We attempt to minimize the information we collect to that which is required by law and necessary to the financing process. During the course of processing your application, we accumulate non-public personal financial information from you and from other sources about your income, assets, and your credit history in order to allow us to make an informed decision about granting you credit. We restrict access to your non-public personal information to only those employees who need to know that information to provide products and services to you. We maintain physical, electronic, and procedural safe guards that comply with federal regulations to guard your non-public personal information.
Information Collected by Lender
When you submit a loan application to us, you should know that as part of processing your application and/or servicing your loan, we collect personal and financial information about you from the following sources:
We recognize the sensitivity of the above information and, as such, will not share personal and financial information with affiliates (an “affiliate” is a company that Lender owns or controls, or that is commonly owned or controlled by Lender’s parent holding company), non-affiliates or third parties, except as permitted by you, or as necessary to complete the mortgage lending process. Our affiliates may include financial service providers, such as title insurance agencies.
We may share personal and financial information about you (as described above) with either affiliates or non-affiliates as otherwise permitted by law. Such instances could include (but are not limited to) reports filed with certain government agencies or documents produced in response to a court order or subpoena.
Colonial 1st Mortgage is licensed by the Virginia State Corporation Commission License Number MC2140, NMLS # 196041. www.nmlsconsumeraccess.org