An Overview of the Loan Process
There's no question ; getting a mortgage loan is a complex process. You wouldn't be here on our site if you could complete a one-page loan app and get a great loan funded in one day. But RTC Mortgage Corporation does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in obtaining 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? 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. 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 will start saving you money. You will provide details on your employment, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We get your permission to pull your credit score and report. When we review this info we will give you a letter of pre-qualification. Your REALTOR® will likely use the pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're looking for a new home with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
Once you have made the offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our website. After the seller has accepted your offer and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will work together to find an escrow/title company to handle the funding of your loan once it's approved. We'll work with this company to ensure all the papers your lender requires are avaiailable, and you'll probably}likely sign everything at this company's officeWe do all the work to work with with the title company to set your date to close. Because you will not have to worry with this coordination, you can concentrate on moving, paint colors, 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 a mortgage specialist; you're not — so take care of the details. Doesn't that make sense?
Have questions about the loan process? Call RTC Mortgage Corporation at (949) 494-4701. It's our job to answer lending questions, so we're happy to help!