How the Mortgage Loan Process Works
There is no question that getting a mortgage is a complex process. You would not be looking up loan information if you could get a mortgage loan in a single day with a simple application. But RTC Mortgage Corporation does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major milestones.
Step one: Decide how much you can afford
A couple of factors determine this amount. How much of a monthly payment can you afford? 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 you save the most money. You will provide info on your employment, your assets, and residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission, of course). After we've finished reviewing your information, we'll give you a pre-qualificaiton letter. Your real estate agent should use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're picking out your new home, we're busy researching the loan program that's just right for your situation.
Step three: apply now! We make it easy
Once you have made the offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan could not get much easier; you can apply right here on our site. After the offer has been accepted and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to make sure the papers your lender requires are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe work with with the title company on your date of closing. Since you will not have to worry with this coordination, you get to concentrate on the move, if you're going to repaint, carpet, and the details involved in moving into a new home.
You've answered a few questions, provided lots of information, applied , and Before you know it, you're moving in! 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.