The Mortgage Loan Process: an Overview
There can be no doubt ; getting a mortgage loan is a complicated process. You wouldn't be visiting our website if you could complete a one-page loan app and receive a great loan funded in one day. But Rainer Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a loan involves four major milestones.
Step one: determine how much you can borrow
A couple of factors determine this amount. How much of a monthly payment can you afford? What is the maximum you can borrow from a lender, given your income and credit history? Use the calculators on our website to determine your monthly payment amount. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. Because lender guidelines are fairly standard, we can give you a good idea of how much you can borrow after a short conversation.
Step two: complete a pre-qualification
This is where the rubber meets the road and Rainer Mortgage can really save you money. You will provide info on your current job, assets, and residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission. After we've reviewed your information, we'll provide a pre-qualificaiton letter. Your real estate agent will use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're looking for your new home with your agent, we find the best program for you.
Once you have made the offer and it's been accepted, you should complete the loan application. Applying for your loan could not get much easier; you can apply right here on our site. Finally, we will order the appraisal of your new home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" of the loan and closing. We'll work with this company to make sure the papers your lender requires are in order, and you'll probably}likely sign all these papers at this company's officeWe do all the work to work with with the title company on your date of closing. Because you will not have to worry with this coordination, you can think about the move, if you're going to repaint, carpet, and the fun parts of getting your new home.
You've answered a few questions, given us lots of information, applied online, and before you know it, you're moving in! We take care of the mortgage legwork so you can spend your time finding your new home.
Have questions about the loan process? Call Rainer Mortgage at (253) 862-0444. It's our job to answer lending questions, so we're happy to help!