The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
There can be little doubt that getting a mortgage is a complex process. You wouldn't be visiting our site if it were possible to complete a one-page loan app and get a great loan check cut the same day. 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 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? 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: complete a pre-qualification
This step is where RTC Mortgage Corporation can begin saving you money. You will supply information about your employment, assets, and residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission. After we've reviewed the provided information, we'll provide a pre-qualificaiton letter. Handle it with care — it is a great tool for buying your new home! Your REALTOR® should use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're looking for your new house with your agent, we find the best program for you.
Once you have made the offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan couldn't get much easier; you can apply from the comfort of your home right here on our site. Finally, we will order the appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to decide on a title company to take care of the funding of your loan once it's approved. We'll coordinate with this company to ensure all the papers your lender needs are avaiailable, and you'll probably}likely sign everything at this company's officeWe do all the work to coordinate with this company to set your date of closing. Since you won't need to worry about these details, you get to concentrate on moving, painting, new carpet, and the fun parts of moving into your new house.
You've answered a few questions, provided lots of information, applied , and Before you know it, you're moving! RTC Mortgage Corporation is in the business of mortgage loans; you're not — so take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call RTC Mortgage Corporation at (949) 494-4701. We answer questions about the loan process every day.