How the Loan Process Works
There is little question that getting a mortgage loan is a complex process. You wouldn't be here on our website if it were possible to fill out a simple application and receive an excellent 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.
Getting a home loan involves four major milestones.
Step one: determine how much you can borrow
A couple of factors determine this amount. 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? 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 step is where RTC Mortgage Corporation will start to save you money. You will supply details about 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 (with your permission. We'll review this info and provide a pre-qualification letter. Handle it with care — it is a great tool for buying your new home! Your real estate agent will use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for your new home, we're busy finding the loan that's just right 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's very easy, and you can apply online, right here on our site. 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 coordinate to designate an escrow/title company to take care of the funding of your loan once it's approved. We'll work with this company to make sure all the papers your lender will require are avaiailable, and you will probably}likely sign all these papers at this company's officeWe work with with the title company to set your date to close. Since you won't need to coordinate this process, you can think about moving, paint colors, carpet, and the details involved in getting your new house.
You've answered a few questions, provided detailed information, applied online, and Before you know it, you'll be moving! We do the mortgage legwork so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call RTC Mortgage Corporation at 9494944701. RTC Mortgage Corporation answers loan process questions every day.