The Mortgage Loan Process: an Overview
There's a lot involved in oder to get a mortgage. You would not be looking up loan information if you could get a mortgage loan in one day with a simple application. We do most of the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
Getting a home loan involves four major milestones.
Step one: Decide how much you can afford
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. 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 Rainer Mortgage can really save you money. You will give us info about your employment, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We run your credit score and report. When we review this information we will provide a letter of pre-qualification. Be careful with this letter — it can be a great tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. While you're deciding on the home that's right for you, we are finding the loan that best fits your needs.
After you've made an offer and the sellers accept it, you should apply for the loan. Applying for your loan couldn't get much easier; you can apply right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order a professional appraisal on the home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" and closing. We'll work with this company to ensure all the papers your lender requires 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. Because you won't need to worry with this coordination, you get to concentrate on the move, paint colors, carpet, and all the details of getting a new home.
You've answered some few questions, provided lots of information, applied online, and the next thing you know, you are deciding when to move in! 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. Rainer Mortgage answers loan process questions every day.