The Mortgage Loan Process: an Overview

There's a lot to do when you get a mortgage. You would not be looking up loan information if you could get a loan in one day by filling out 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 home loan involves four major steps.

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? What is the maximum you can borrow from a lender, given your income and credit history? You can get a good idea of your preferred payment abount using the calculators on our website. 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 is where the rubber meets the road and you save the most money. You will supply info about your employment, assets, and residence history. You'll give us information on your employment, asset, and residence history. We get your permission to run your credit score and report. After we've finished reviewing this information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it is a useful tool when you make your offer! Your REALTOR® will likely use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're looking for a new house with your real estate agent, we find the best program for you.

Step three: apply now! We make it easy

Once you've made the offer and it's been accepted, you should apply for the loan. Applying for your loan could not be much easier; you can apply from the comfort of your home right here on our site. After the offer has been accepted and you have applied for your loan, we will order a professional appraisal on the home.

Step four: your loan is funded

Your REALTOR® and the seller's will work together to decide on an escrow/title company to handle the funding of your loan once it's approved. We'll coordinate with this company to make sure the papers your lender will require are in order, and you will probably}likely sign all these papers at this company's officeWe do all the work to coordinate with this company to set your date of closing. Since you will not need to coordinate this process, you can concentrate on moving logistics, paint colors, carpet, and the details involved in getting a new house.

You've answered a few questions, provided lots of information, applied online, and the next thing you know, you're deciding when to move in! RTC Mortgage Corporation is in the business of 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 9494944701. It's our job to answer lending questions, so we're happy to help!