The Mortgage Loan Process: an Overview
Make no mistake, there's quite a lot to do when you get a mortgage loan. You wouldn't be looking up loan information if it were possible to get a loan in a single day by filling out a simple application. But Rainer Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four primary steps involved in getting a mortgage loan.
Step one: determine how much you can borrow
A couple of factors determine this amount. What kind of monthly payment are you looking for? 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. 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: pre-qualify for your loan
This is where the rubber meets the road and Rainer Mortgage can really save you money. You will give us info about your employment, assets, and residence history. You'll give us information on your employment, asset, and residence history. We pull your credit score and report. We'll review all this info and will provide a letter of pre-qualification. Be careful with this letter — it is a great tool for buying your new home! Your REALTOR® will use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're looking for a new house with your real estate agent, we find the best program for you.
Once you have signed an offer and the sellers accept it, it's time to apply for the loan. It's very easy, and you can do it online, right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order a professional appraisal on the home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to make sure the papers your lender will require are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe work with with the title company on your closing date. Because you don't need to worry about these details, you can think about the move, if you're going to repaint, new carpet, and all the details of moving into a new house.
You've answered a few questions, provided detailed information, applied , and the next thing you know, you're deciding when to move in! Rainer Mortgage is a mortgage specialist; you're not — so we take care of the details. Doesn't that sound nice?
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!