The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
Make no mistake, there's quite a lot involved when you get a mortgage. You wouldn't be here on our website if it were possible to complete a one-page loan app and receive 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.
There are four primary steps involved in getting a mortgage loan.
Step one: Decide on your maximum loan amount
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: pre-qualify for your loan
This is where Rainer Mortgage can start to save you money. You will supply info on your employment, your assets, and residence history. You'll provide your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we have reviewed this information we will give you a letter of pre-qualification. Handle it with care — it is a useful tool for buying your new home! Your agent will likely use the 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 deciding on the home that's right for you, we are looking for the loan that best fits your needs.
Once you have made an offer and it's been accepted, you should complete the loan application. Applying for a loan could not be much easier; you can apply online right here on our site. After the offer has been accepted and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll work with this company to make sure all the papers your lender will need are avaiailable, and you'll probably}likely sign all these papers at their officeWe work with with the title company to set your closing date. Since you don't need to worry about these details, you can think about moving logistics, painting, new carpet, and the fun parts of moving into a new home.
You've answered some few questions, provided detailed information, applied , and Before you know it, you're 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. It's our job to answer lending questions, so we're happy to help!