The Loan Process: an Overview
Shopping for a mortgage? We can assist you! Call us at (301) 773-9811. Ready to begin? Apply Now
Make no mistake, there's quite a lot to do in order to get a mortgage loan. You wouldn't be looking up loan information if you could get a mortgage loan in a single day with a simple application. We do most of the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
Getting a home loan involves four major steps.
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? 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: complete a pre-qualification
This step is where Residential Mortgage Corp will start saving you money. You will provide info on your current job, 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. We will go over this info and 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 real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're picking out your new home, we're busy finding the loan program that's right for your unique situation.
Step three: apply now! We make it easy
Once you have signed an offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can apply online, right here on our website. After the seller has accepted your offer and you have applied for your loan, we will order a professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will work together to designate a title company to handle the funding of your loan. We'll coordinate with this company to ensure the papers your lender needs are available, and you will probably}likely sign everything at this company's officeWe work with with the title company to set your closing date. Since you will not have to worry with this coordination, you can concentrate on the move, painting, carpet, and the details involved in moving into a new house.
You've answered some few questions, given us detailed information, applied , and Before you know it, you're moving! We do the legwork so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Residential Mortgage Corp at (301) 773-9811. Residential Mortgage Corp answers loan process questions every day.