The Loan Process: an Overview
There's a lot to do when you get a mortgage. You wouldn't be visiting our site if you could complete a simple 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.
Getting a mortgage loan involves four major milestones.
Step one: Decide how much you can afford
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: complete a pre-qualification
This is where Rasmussen Mortgage can start saving you money. You will give us info on your current job, your assets, and residence history. You'll give us information on your employment, asset, and residence history. 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. Your agent will likely use the pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're looking for a new home with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
After you've made 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 designate a title company to handle the funding of your loan once it's approved. We'll work with this company to make sure all the papers your lender will require are avaiailable, and you'll probably}likely sign all these papers at their officeWe do all the work to work with with the title company on your date of closing. Since you don't need to worry with this coordination, you can think about moving, if you're going to repaint, new carpet, and the fun parts of moving into your new house.
You've answered some few questions, provided detailed information, applied online, and the next thing you know, you're moving in! Rasmussen Mortgage is in the business of loans; you're not — so we take care of the details. Doesn't that make sense?
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!