The Loan Process: an Overview
No doubt, quite a lot involved when you get a mortgage loan. You wouldn't be researching mortgage loans if you could get a mortgage loan in a single day with a simple application. But Rainer Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major milestones.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. What kind of monthly payment are you looking for? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? You can get a good idea of your preferred payment abount using the calculators on our website. 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: pre-qualify for your loan
This is where the process really begins and you save the most money. You will give us info about your employment, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We pull your credit score and report. We will review this info then provide a letter of pre-qualification. Be careful with this letter — it can be a useful tool for buying your new home! Your agent will use your pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for your new home, we are researching the loan that best fits your needs.
Step three: apply now! We make it easy
Once you've made the offer and it's been accepted, you should complete the loan application. Applying for a loan could not get much easier; you can apply any time right here on our site. When the time is right, we will order the appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will coordinate to designate a title company to handle the funding of your loan once it has been approved. We'll coordinate with this company to ensure the papers your lender needs are avaiailable, and you will probably}likely sign all these papers at this company's officeWe do all the work to work with with this company to set your date to close. Since you won't have to coordinate this process, you get to think about moving logistics, paint colors, new carpet, and the fun parts of moving into a new house.
You've answered a few questions, provided detailed information, applied online, and Before you know it, you'll be moving in! We take care of the loan details so you can focus on finding your new home.
Have questions about the loan process? Call Rainer Mortgage at (253) 862-0444. We answer questions about the loan process every day.