The Mortgage Loan Process: an Overview
There's quite a lot to do when you get a mortgage. You wouldn't be visiting our website if you could complete a simple loan app and get the best loan check cut in one day. But Rainer Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major milestones.
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? 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 process really begins and you save the most money. You will provide details on your current job, your assets, and residence history. You'll supply information on your employment, asset, and residence history. We pull your credit score and report. After we've reviewed the provided information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it can be a great tool for buying your new home! 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 deciding on the home that's right for you, we're busy researching the loan that's just right for your unique situation.
Step three: apply now! We make it easy
After you've signed the offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can apply online, right here on our website. At the end of this step, we'll order the appraisal of your new home.
Step four: funding
The real estate 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 ensure all the papers your lender will need are avaiailable, and you will probably}likely sign everything at their officeWe work with with the title company to set your date of closing. Because you don't have to worry about these details, you get to concentrate on the move, painting, carpet, and the fun parts of getting your new home.
You've answered some few questions, provided detailed information, applied online, and Before you know it, you're moving in! Rainer Mortgage is a mortgage specialist; 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. It's our job to answer lending questions, so we're happy to help!