About Our Buy And Borrow Smart Process

 

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Colonial Mortgage Capital is more than just a mortgage lender.  We provide continual financial guidance to help you manage your debt, make the best financial decisions, and save money — even after you move into your new home. 
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Discover 7 Mistakes To Avoid When Buying A Home

What We Do

We take the guesswork out of the home buying process so you can: 1) afford the home of your dreams, 2) make the best decisions for your financial future, and 3) develop the foundation for financial independence.

Our Buy & Borrow Smart Plan is custom designed to fit your unique financial situation, home buying goals, credit score, and income. We know you’re busy, so we’ll work with your schedule so that you move in your new home in as little as 2 weeks if you are in a rush. 

Your Buy & Borrow Smart Plan will include:

  • Advice to help you determine when you are ready to transition into home ownership
  • Step-by-step instructions on your path to owning a home
  • Low-cost financing plans to meets your needs
  • Continual financial guidance after you move into your new home

Ready to get started? Schedule a call to discuss your options and get your Buy & Borrow Smart Plan. Or, click here to apply now.

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Who We Are

Buying a home can feel intimidating and overwhelming, especially with all the decisions you need to make. You may question if you are financially prepared to own your home.

The good news is that you don’t have to figure it out on your own. We can help you make the right decisions about homeownership, regardless of your budget or financial situation.

With over 25 years of experience, our Certified Liability Advisors and Certified Veteran Loan Specialists are some of the highest customer-rated independent mortgage brokers in the Virginia real estate market. We will provide you with everything you need to start the path to homeownership — taking into consideration your financial and personal goals.

By following our proven strategies, you can join more than 1500 happy home owners who have utilized our resources to purchase their perfect home and build the foundation for financial independence. Schedule a call or apply today to get started!

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How The Process Works

So you think you’re ready to find your dream home. Before you get started, you’ll need to know what price range and type of home loan will work best for you to stay within your budget for a home that will meet your needs.

With the right loan program and structure, you will be able to get the most home for your budget without leaving your financial comfort zone. Your Certified Liability Advisor will clearly explain your options so you will be confident when you find the right home.

Here’s an overview of what you can expect during the process:

Step 1: Talk with a Certified Liability Advisor

Let’s talk about what is important to you and answer your home buying questions. You'll find a lot of misinformation online.

Stop guessing about what you can or can’t do and discover what is possible based on the latest financing options and market conditions.

When you are ready to begin the home buying process, getting pre-approved for a mortgage is required. Sellers want to know that you can buy their home and good realtors won’t work with buyers who aren’t pre-approved.

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Step 2: Complete and application

You can either complete an application over the phone during your call with a Certified Liability Advisor or complete an application online at Apply Now.

We will need to know where you have lived and worked for the past 24 months and basic information about your income, assets, obligations, and past credit history. This will take about 10 to 15 minutes.

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Step 3: Gather and provide your documents

Based on your application, we will provide you with a list of documents that will be needed to approve your loan and determine the best way to structure your loan to meet your needs.

A basic list of documents might include:

  • Last 30 days of pay stubs
  • Last 2 years of W2s
  • Last 2 months of bank statements
  • Driver’s license

We will provide you with a secure portal to upload your documents for review.

Apply Using Our Secure Portal >


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Step 4: Qualification and Loan structure

Next, we will provide you with a mortgage credit report that will include your credit scores from Equifax, Experian, and TransUnion. If it will be beneficial to raise your credit scores, we will do an analysis and let you know what steps to take to increase your scores so that you can qualify for the best rates and terms.

We will review your income and asset documents and determine the lowest cost loan structure to maximize your home buying power while staying in your budget.

You will receive a comparison of several down payment and loan options. We will discuss each program and answer your questions so that you are clear about your best course of action.

Depending on your situation, we may discuss the benefits of:

  • Paying off debt and putting down less money
  • Putting down less money and investing money to better achieve long-term goals
  • Adding credit to improve your scores to get a lower rate
  • Consolidating or restructuring other debts to improve your cash flow and/or credit scores

Our advice is based on meeting your short and long-term objectives. Ultimately, we want to help you improve your quality of life and build a sound foundation.

How To Get Pre-Approved >


Step 5: Underwriting review and pre-approval

Once we have determined the maximum sales price and best way to structure your home loan, an underwriter will review your income, asset, credit, and other documents to confirm that you meet the guideline requirements for the particular type of loan that is best for you.

Usually, the underwriter will ask for a few other items to clarify a part of your application or to get an updated document.

With your loan pre-approval in hand, it is time to go shopping for your new home.

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Step 6: Find a home

Ideally, you will want the help of an experienced local realtor who knows the area where you want to live. Having knowledge and insights on each neighborhood can save you from selecting the wrong home based on what you want and need from a community.

A good realtor will help you negotiate the most important terms of your offer to match the financing that we have designed for you. Your agent will also protect your deposit by having contingencies built into the contract so you can get out of the contract if the home inspection or other aspects of the property are not acceptable to you.

We have experience working with some of the best realtors in the area and will be happy to provide you with introductions to excellent realtors who work in the area you want to live.

Once you have a ratified contract for your new home, you will need to meet the deadlines for all of the contingency dates built into the contract. Usually, there are required dates for the completion of the home inspections, appraisal, financing approval, and other items.

Your realtor will guide you through the contingencies and advise you as needed. We will order the home appraisal and title work to be completed.

How To Improve Your Chances Of Getting Approved >


Step 7: Close your loan

Now that you have found a home to buy, the underwriter will review the appraisal, title work, and other specific property requirements and any needed updated documents.

Once your loan is approved, you will receive the initial Closing Disclosure at least 3 business days prior to your closing date. This will give you a good ballpark of the final amount you will need to bring to closing.

We will work with the title company's escrow account to make the final adjustments and finalize the Closing Disclosure for your review. Usually, there are adjustments to the prorated amount of taxes and HOA fees to be paid by you or the seller.

At closing, you will need to bring either a cashier’s check payable to the title company or you can wire the amount needed to the title company escrow account prior to closing. You should also bring two forms of identification like a driver’s license, work ID, passport, or other government ID.

You will sign the mortgage note, deed of trust, and other lender documents at closing. You will then receive the keys to your new home. It is time to celebrate and start moving in!

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