The Mortgage Loan Process: an Overview
Make no mistake, there's quite a lot involved when you get a mortgage. You wouldn't be here on our website if it were possible to complete a simple loan app and receive the best loan check cut in one 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 main steps involved in getting a mortgage loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. 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. 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: complete a pre-qualification
This is where the process really begins and you save the most money. You will give us details on your employment, assets, and 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. After we've finished reviewing your information, we'll provide a pre-qualificaiton letter. Handle it with care — 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) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're deciding on the home that's right for you, we are researching the best loan for you.
Once you've 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 online right here on our site. When the time is right, we'll order an appraisal of your new home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to ensure all the papers your lender requires are avaiailable, and you'll probably}likely sign all these papers at their officeWe coordinate with this company to set your date of closing. Because you won't need to worry about these details, you get to concentrate on moving logistics, painting, new carpet, and the fun parts of moving into a new home.
You've answered a few questions, provided detailed information, applied , and the next thing you know, you're moving in! We take care of all the loan details so you can spend your time finding your new home.
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!