The Loan Process: an Overview
No doubt, quite a lot involved in oder to get a mortgage. You would not be looking up loan information if it were possible to get a 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.
There are four main steps involved in getting a mortgage loan.
Step one: Decide on your maximum loan amount
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. 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: pre-qualify for your loan
This step is where Rainer Mortgage will begin to save you money. You will give us info about your current job, your assets, and residence history. You'll provide your employment, asset, and residence history information. We will pull get your credit report and score (with your permission. After we've reviewed your information, we'll provide you with a pre-qualificaiton letter. Your agent will likely use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for your new home, we're busy finding the loan program that's right for you.
Step three: apply now! We make it easy
Once you have made the offer and it's been accepted, it's time to complete the loan application. It couldn't be easier, and you can do it online, right here on our website. At the end of this step, we will order an appraisal of your new home.
Step four: funding
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 all the papers your lender needs are avaiailable, and you will probably}likely sign everything at this company's officeWe do all the work to work with with the title company on your date to close. Since you don't need to worry about these details, you get to think about moving, painting, carpet, and the fun parts of getting your new house.
You've answered some few questions, given us detailed information, applied online, and Before you know it, you're moving in! We take care of all the loan details so you can spend your time finding your new home.
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!