How the Loan Process Works
There can be little doubt ; getting a mortgage loan is a complex process. You wouldn't be visiting our site if you could complete a one-page loan app and receive a great loan check cut the same day. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
There are four main steps involved in obtaining a mortgage loan.
Step one: Decide how much you can afford
A couple of factors determine this amount. How much of a monthly payment can you afford? 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 process really begins and you save the most money. You will give us information about your employment, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We get your permission to run your credit score and report. After we have reviewed this information we will provide a pre-qualification letter. Handle it with care — it is a useful tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for your new home with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
Once you've made the offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan could not be much easier; you can apply right here on our site. When the time is right, we'll order the appraisal of your new home.
Step four: funding
The real estate agents will find a title company to handle the "funding" of the loan and closing. We'll work with this company to make sure all the papers your lender will need are avaiailable, and you'll probably}likely sign everything at this company's officeWe do all the work to coordinate with the title company to set your closing date. Since you will not need to worry with this coordination, you get to think about moving, paint colors, carpet, and the fun parts of getting your new home.
You've answered some few questions, provided lots of information, applied online, and before you know it, you're moving in! Reliance Mortgage Service, Inc is a mortgage specialist; you're not — so take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Reliance Mortgage Service, Inc at 562 320-0510. Reliance Mortgage Service, Inc answers loan process questions every day.