The Mortgage Loan Process: an Overview
There's quite a lot to do when you get a mortgage. You wouldn't be here on our site if it were possible to fill out a simple application and get the best loan funded in one day. But Rainer Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in getting a loan.
Step one: Decide how much you can afford
This is a function of a couple things. 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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 step is where Rainer Mortgage can start saving you money. You will give us information about your employment, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission. When we review this info we provide a pre-qualification letter. Your REALTOR® will use the pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're picking out your new home, we are finding the loan that best fits your needs.
After you've made the offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can apply online, right here on our website. When the time is right, we'll order the appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to find an escrow/title company to handle the funding of your loan. 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 coordinate with the title company to set your closing date. Since you don't need to worry with this coordination, you can think about moving, painting, carpet, and the fun parts of moving into your new house.
You've answered a few questions, provided lots of information, applied , and Before you know it, you're moving! Rainer Mortgage is in the business of mortgage loans; you're not — so take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call Rainer Mortgage at (253) 862-0444. Rainer Mortgage answers loan process questions every day.