The Loan Process: an Overview

There's little question ; getting a mortgage is a complex process. You wouldn't be here on our site if it were possible to complete a one-page application and receive the best loan funded in one day. But Rasmussen Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

There are four primary steps involved in getting a loan.

Step one: determine how much you can borrow

A couple of factors determine this amount. How much of a monthly payment can you afford? 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 Rasmussen Mortgage can really save you money. You will provide information about your current job, assets, and residence history. You'll provide your employment, asset, and residence history information. We will pull get your credit report and score (with your permission, of course). After we've finished reviewing the provided information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it can be a useful tool for buying your new home! Your real estate agent will likely use your pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're picking out the home that's right for you, we're busy finding the loan program that's right for you.

Step three: apply now! We make it easy

Once you've made an 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. After the seller has accepted your offer and you have submitted your loan application, we will order a professional appraisal on the home.

Step four: your loan is funded

Your real estate agent and the seller's will work together to decide on a title company to take care of the funding of your loan once it has been approved. We'll work with this company to make sure all the papers your lender requires are in order, and you'll probably}likely sign all these papers at this company's officeWe coordinate with the title company to set your date to close. Since you won't have to coordinate this process, you get to concentrate on the move, paint colors, carpet, and the fun parts of getting your new home.

You've answered a few questions, provided lots of information, applied online, and before you know it, you're deciding when to move in! We take care of all the loan details so you can focus on finding the new home that's right for you.

Have questions about the loan process? Call Rasmussen Mortgage at 608-592-5600. We answer questions about the loan process every day.

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