The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
There is no doubt ; getting a mortgage loan is a complex process. You wouldn't be visiting our website if it were possible to fill out a simple mortgage application and get a great loan check cut in one day. We do most of the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
There are four main steps involved in getting a mortgage loan.
Step one: Decide how much you can afford
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? You can get a good idea of your preferred payment abount using the calculators on our website. We'll also help you through different scenarios by asking a few simple questions. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.
Step two: complete a pre-qualification
This is where the rubber meets the road and Rainer Mortgage can really save you money. You will give us details about your current job, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We get your permission to pull your credit score and report. We'll review all this info then give you a pre-qualification letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're deciding on the home that's right for you, we're busy finding the loan program that's right for you.
Once you have made the offer and it's been accepted, you should complete the loan application. It couldn't be easier, and you can do it online, right here on our website. After the seller has accepted your offer and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll work with this company to ensure all the papers your lender will need are in order, and you'll probably}likely sign everything at their officeWe work with with the title company on your date to close. Since you won't need to worry with this coordination, you get to concentrate on moving, paint colors, carpet, and all the details of moving into your new house.
You've answered some few questions, given us lots of information, applied online, and before you know it, you're deciding when to move in! We take care of the mortgage legwork so you can spend your time finding the new home that's right for you.
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!