The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
There's little question ; getting a mortgage is a complicated process. You wouldn't be researching mortgage loans if it were possible to get a mortgage loan in a single day by filling out a simple application. But Rasmussen Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in obtaining a loan.
Step one: determine how much you can borrow
This is a function of a couple things. 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. 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: pre-qualify for your loan
This is where the process really begins and Rasmussen Mortgage can really save you money. You will supply details on your employment, your assets, and residence history. You'll provide your employment, asset, and residence history information. We get your permission to run your credit score and report. After we have gone over this info we give you a pre-qualification letter. Handle it with care — it is a great tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're looking for your new house with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
After you've signed an offer and the sellers accept it, it's time to apply for the loan. It's very easy, and you can apply 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
Your REALTOR® 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 coordinate with this company to make sure all the papers your lender will need are avaiailable, and you'll probably}likely sign everything at their officeWe work with with this company to set your date of closing. Because you won't have to worry with this coordination, you get to think about moving, painting, new carpet, and the fun parts of getting a new home.
You've answered some few questions, given us detailed information, applied , and Before you know it, you're moving in! We do the mortgage legwork so you can spend your time finding your new home.
Have questions about the loan process? Call Rasmussen Mortgage at 608-592-5600. We answer questions about the loan process every day.