The Mortgage Loan Process: an Overview
Make no mistake, there's a lot to do in oder to get a mortgage. You would not be looking up loan information if it were possible to get a loan in one day by filling out 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.
There are four main steps involved in obtaining a mortgage loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. 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? Use the calculators on our website to determine your monthly payment amount. 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 can start to save you money. You will supply details about your current job, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). After we have reviewed all this information we provide a pre-qualification letter. Handle it with care — it is a useful tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're picking out your new home, we're busy finding the loan that's right for you.
Once you've made the offer and it's been accepted, you should complete the loan application. It couldn't be easier, and you can apply online, right here on our website. At the end of this step, we will order an appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to designate an escrow/title company to handle the funding of your loan once it has been approved. We'll work with this company to make sure the papers your lender needs are in order, and you will probably}likely sign everything at their officeWe coordinate with this company to set your date to close. Because you won't need to worry with this coordination, you can concentrate on the move, if you're going to repaint, carpet, and all the details of getting a new home.
You've answered a few questions, provided lots of information, applied online, and Before you know it, you're moving in! We take care of the loan details so you can focus on finding your new home.
Have questions about the loan process? Call RTC Mortgage Corporation at 9494944701. It's our job to answer lending questions, so we're happy to help!