The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps

No doubt, quite a lot to do in oder to get a mortgage loan. You would not be looking up loan information if you could get a 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 steps.

Step one: determine how much you can borrow

This is a function of a couple things. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? You can get a good idea of your preferred payment abount using the calculators on our website. 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: pre-qualify for your loan

This is where Rainer Mortgage can start to save you money. You will provide details on your current job, assets, and your residence history. You'll provide your employment, asset, and residence history information. We pull your credit score and report. After we have reviewed all this info we will give you a letter of pre-qualification. Be careful with this letter — it is a great tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're picking out the home that's right for you, we're busy finding the loan program that's just right for your unique situation.

Step three: apply for your loan

Once you have made the offer and the sellers have accepted, you should apply for the loan. Applying for your loan could not be much easier; you can apply any time right here on our site. After the offer has been accepted and you have applied for your loan, we will order the professional appraisal on the 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 coordinate with this company to make sure all the papers your lender needs are in order, and you'll probably}likely sign everything at their officeWe work with with this company on your closing date. Because you don't need to worry with this coordination, you get to think about moving logistics, paint colors, carpet, and the fun parts of getting a new home.

You've answered some few questions, provided detailed information, applied , and Before you know it, you're moving in! Rainer Mortgage is a mortgage specialist; you're not — so we 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!

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