The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
There's quite a lot involved when you get a mortgage loan. You wouldn't be visiting our site if it were possible to complete a one-page loan application and get a great loan check cut in one day. But Reliance Mortgage Service, Inc does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four primary steps involved in obtaining a mortgage loan.
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? You can get a good idea of your preferred payment abount 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 quewstions. 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 rubber meets the road and you save the most money. You will give us information on your current job, assets, and residence history. You'll provide information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission, of course). After we've finished reviewing the provided information, we'll give you a pre-qualificaiton letter. Handle it with care — it can be a useful tool for buying your new home! Your REALTOR® should use your pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're looking for your new house with your agent, we find the best program for you.
After you've signed the offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can do it online, right here on our site. Finally, we will order an appraisal of your new home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll work with this company to ensure the papers your lender will need are avaiailable, and you will probably}likely sign everything at this company's officeWe do all the work to coordinate with this company on your closing date. Because you won't have to worry about these details, you can concentrate on moving logistics, paint colors, carpet, and all the details of getting your new house.
You've answered a few questions, provided detailed information, applied online, and the next thing you know, you're deciding when to move in! We take care of all the loan details so you can spend your time finding your new home.
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.