How the Mortgage Loan Process Works
There is no question ; getting a mortgage loan is a complicated process. You would not be looking up loan information if you could get a mortgage loan in one day with a simple application. But The Rate Kings Mortgage LLC 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. How much of a monthly payment can you afford? 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 amount 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 questions. 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: pre-qualify for your loan
This is where The Rate Kings Mortgage LLC will begin saving you money. You will give us details on your employment, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission, of course). We will review all this info and will give you a letter of pre-qualification. Be careful with this letter — it is a great tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're picking out the home that's right for you, we are finding the loan that best fits your needs.
Step three: apply now! We make it easy
Once you have made an 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. After the seller has accepted your offer and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll coordinate with this company to make sure all the papers your lender will require are available, and you will probably}likely sign everything at this company's officeWe do all the work to work with with the title company to set your date to close. Since you won't have to coordinate this process, you get to think about moving logistics, paint colors, carpet, and all the details of moving into your 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 all the loan details so you can spend your time finding the new home that's right for you.