The Loan Process: an Overview
There's little question ; getting a mortgage loan is a complex process. You would not be researching mortgage loans if it were possible to get a mortgage 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
This is a function of a couple things. 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. 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 RTC Mortgage Corporation will begin saving you money. You will give us info about your current job, assets, and residence history. You'll provide information on your employment, asset, and residence history. We get your permission to pull your credit score and report. After we have reviewed this info we provide a pre-qualification letter. Handle it with care — it can be a great tool for buying your new home! Your agent will likely use your pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for the home that's right for you, we're busy finding the loan program that's just right for your situation.
Step three: apply now! We make it easy
After you've made the offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can apply online, right here on our website. When the time is right, we'll order an appraisal of your new home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll work with this company to make sure the papers your lender will need are avaiailable, and you will probably}likely sign all these papers at this company's officeWe do all the work to coordinate with the title company on your date to close. Because you won't have to worry with this coordination, you can think about moving, if you're going to repaint, carpet, and the details involved in moving into a new home.
You've answered a few questions, given us detailed information, applied online, and Before you know it, you'll be moving! RTC Mortgage Corporation is in the business of loans; you're not — so we take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call RTC Mortgage Corporation at 9494944701. RTC Mortgage Corporation answers loan process questions every day.