The Mortgage Loan Process: an Overview
Are you looking for a new mortgage? We'll be glad to talk about our mortgage offerings! Give us a call today at 952-985-4113. Want to get started? Apply Here
There's no doubt that getting a mortgage loan is a complicated process. You wouldn't be here on our website if you could fill out a simple loan app and get an excellent loan funded the same day. But Rainbow Mortgage Inc. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a loan involves four major steps.
Step one: determine how much you can borrow
A couple of factors determine this amount. What kind of monthly payment are you looking for? 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. 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: pre-qualify for your loan
This is where the rubber meets the road and Rainbow Mortgage Inc. can really save you money. You will provide details on your current job, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission, of course). We will go over all this information then will provide a pre-qualification letter. Your agent should use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're picking out your new home, we are researching the best loan program for you.
Step three: apply now! We make it easy
Once you have made an offer and it's been accepted, it's time to apply for the loan. Applying for a loan couldn't be much easier; you can apply from the comfort of your home right here on our site. When the time is right, we will order the appraisal of your new home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to ensure the papers your lender requires are available, and you'll probably}likely sign all these papers at their officeWe coordinate with this company on your date of closing. Because you will not need to coordinate this process, you can think about the move, if you're going to repaint, carpet, and all the details of moving into a new house.
You've answered some few questions, provided lots of information, applied , and Before you know it, you'll be moving! We take care of the loan details so you can focus on finding your new home.
Have questions about the loan process? Call Rainbow Mortgage Inc. at 952-985-4113. Rainbow Mortgage Inc. answers loan process questions every day.