The Four Steps of the Loan Process:The Loan Process: Four Steps

There is no doubt ; getting a mortgage loan is a complicated process. You wouldn't be visiting our website if it were possible to complete a one-page loan application and get a great loan check cut the same day. 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.

Getting a loan involves four major steps.

Step one: Decide how much you can afford

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. We'll also help you through different scenarios by asking a few simple questions. Because lender guidelines are fairly standard, we can give you a good idea of how much you can borrow after a short conversation.

Step two: pre-qualify for your loan

This is where the process really begins and you save the most money. You will supply info on your employment, assets, and your residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission, of course). When we review this info we will provide a letter of pre-qualification. Be careful with this letter — it can be a useful tool when you make your offer! Your real estate agent should use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're picking out the home that's right for you, we are researching the loan that best fits your needs.

Step three: apply now! We make it easy

Once you've made an offer and the sellers have accepted, it's time to complete the loan application. It couldn't be easier, and you can do it online, right here on our site. At the end of this step, we'll order the appraisal of your new home.

Step four: your loan is funded

The agents will find a title company to handle the "funding" and closing. We'll coordinate with this company to ensure the papers your lender requires are avaiailable, and you'll probably}likely sign everything at this company's officeWe coordinate with this company to set your closing date. Since you won't need to worry about these details, you can think about moving logistics, painting, carpet, and the details involved in moving into your new house.

You've answered some few questions, provided detailed information, applied , and before you know it, you are deciding when to move in! RTC Mortgage Corporation is in the business of mortgage loans; you're not — so we do the work. 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.