About the Loan Process
Make no mistake, there's quite a lot involved when you get a mortgage loan. You wouldn't be visiting our website if you could complete a simple loan application and receive an excellent loan check cut the same day. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
There are four primary steps involved in getting 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? 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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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: complete a pre-qualification
This is where the rubber meets the road and Rasmussen Mortgage can really save you money. You will supply info about your current job, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We run your credit score and report. We'll review this info and will give you a pre-qualification letter. Handle it with care — it can be 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 shopping for your new house with your agent, we find the best program for you.
Step three: apply now! We make it easy
Once you have made the offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our site. Finally, we will order the appraisal of your new home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" and closing. We'll coordinate with this company to ensure all the papers your lender needs are in order, and you will probably}likely sign everything at their officeWe coordinate with this company on your date of closing. Since you don't have to worry with this coordination, you get to think about moving, painting, new carpet, and the details involved in moving into a new home.
You've answered a few questions, provided lots of information, applied , and before you know it, you're moving in! Rasmussen Mortgage is a mortgage specialist; you're not — so we do the work. Makes sense, doesn't it??
Have questions about the loan process? Call Rasmussen Mortgage at 608-592-5600. It's our job to answer lending questions, so we're happy to help!