The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
Make no mistake, there's a lot to do when you get a mortgage loan. You wouldn't be researching mortgage loans if it were possible to get a mortgage loan in one 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: 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 process really begins and you save the most money. You will provide details about your employment, your assets, and residence history. You'll provide information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission. After we've reviewed your information, we'll provide you with a pre-qualificaiton letter. With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for a new home with your agent, we find the best program for you.
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. It couldn't be easier, and you can do it online, right here on our site. When the time is right, we will order the appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to find an escrow/title company to handle the funding of your loan. We'll coordinate with this company to make sure all the papers your lender will need are in order, and you will probably}likely sign everything at this company's officeWe do all the work to coordinate with this company to set your date of closing. Since you don't have to coordinate this process, you can think about moving logistics, paint colors, new carpet, and the details involved in moving into a new house.
You've answered some few questions, provided detailed information, applied online, and Before you know it, you'll be moving! We take care of all 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.