The Loan Process 

Taking on a mortgage is a major undertaking for most consumers. The list below outlines the major steps in the process, and any one of the Rainier Pacific loan officers would be glad to assist you in navigating and understanding the process.

1. Pre-Qualification
   Many buyers appreciate knowing in advance the price range of homes they can qualify for. Pre-qualification saves valuable time for buyers and sellers.
2. Discovering the Right Home
   Your Realtor and Rainier Pacific want buying a home to be a pleasant experience for you. Your Realtor will listen to your needs and search out a home that will meet those need for you.
3. Loan Application
   Rainier Pacific Mortgage, Inc. wants to make qualifying as simple as possible. We'll meet with you at a time and place convenient for you.
4. Credit Report
   Naturally, a credit report is necessary, and buyers want to know where they stand as quickly as possible. So, Rainier Pacific Mortgage, Inc. has the reports e-mailed back immediately.
5. Loan Processing
   This includes verification of employment, verification of deposits, and typing and mailing of all documents required to complete the credit package.
6. Home Appraisal
   Since time is of the essence, we work closely with the appraiser to expedite the process
7. Title Commitment Ordered
   Your selected title company researches the history of the property verifying ownership and determining if there are any liens or encumbrances against the property.
8. Status Report to Loan Officer
   All processing documents are reviewed promptly and the Loan Officer is notified of any areas of concern.
9. Problems
   Should a problem arise during the loan process, the processor consults with the loan officer to determine the best alternatives for you.
10. Weekly Status Report to Buyer, Seller and Realtors
    These reports enable you, the seller, and the Realtors to keep informed regarding the status of the loan.
11. Loan Process Completed
    Once all the processing information has been verified, the final loan application is ready to be submitted to the underwriter.
12. Underwriting
    The underwriter reviews all processing documents for compliance with appropriate program guidelines. Rainier Pacific Mortgage, Inc. has Conventional, FHA direct endorsement and VA automatic approved underwriters.
13. Loan Approval
    Once the underwriter has determined that your application has satisfied the parameters of the loan program, she will issue the loan approval. Often loan approval is issued with conditions. Conditions are additional requirements that you must meet prior to closing on your loan.
14. Buyers Receive Notification of Loan Approval
    Your loan officer will notify you by phone when your loan approval has been obtained.
15. Realtor Notified of Loan Approval
    Next your loan officer will notify your agent, who in turn will notify the seller’s agent.
16. Closing, Funding and Recording
    Upon request, actual closing costs will be made available to the buyer prior to closing.
17. The Keys are Yours!
    The keys to your new home will be delivered to you by your Realtor.
    You may now move into your new home.