The Four Steps of the Loan Process:The Loan Process: Four Steps
There can be little doubt that getting a mortgage is a complex process. You wouldn't be visiting our website if you could fill out a simple application and receive the best 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 loan involves four major steps.
Step one: determine how much you can borrow
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. 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: pre-qualify for your loan
This is where the rubber meets the road and you save the most money. You will give us information on your current job, assets, and your residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (with your permission, of course). After we've reviewed your information, we'll give you a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for the home that's right for you, we're busy researching the loan that's just right for you.
Once you have made an offer and the sellers have accepted, you should complete the loan application. Applying for your loan could not be much easier; you can apply any time right here on our site. When the time is right, we will order an appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will coordinate to find a title company to handle the funding of your loan once it's approved. We'll work with this company to ensure all the papers your lender will need are avaiailable, and you'll probably}likely sign everything at this company's officeWe do all the work to coordinate with this company to set your date to close. Because you don't need to worry about these details, you can concentrate on moving logistics, painting, carpet, and all the details of moving into your new home.
You've answered a few questions, given us detailed information, applied online, and Before you know it, you're moving! We take care of the 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.