How the Loan Process Works
There's a lot involved in oder to get a mortgage loan. You wouldn't be researching mortgage loans if it were possible to get a loan in one day by filling out a simple application. But Reliance Mortgage Service, Inc does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important steps involved in obtaining a loan.
Step one: Decide how much you can afford
This is a function of a couple things. 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 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: complete a pre-qualification
This is where the process really begins and Reliance Mortgage Service, Inc can really save you money. You will supply details on your employment, assets, and residence history. You'll provide your employment, asset, and residence history information. We pull your credit score and report. We will go over this information then give you a pre-qualification letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're deciding on your new home, we are researching the loan that best fits your needs.
Once you've made an offer and it's been accepted, it's time to complete the loan application. Applying for your loan couldn't be much easier; you can apply any time right here on our site. At the end of this step, we'll order an appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to find a title company to handle the funding of your loan. We'll coordinate with this company to ensure all the papers your lender requires are in order, and you will probably}likely sign everything at their officeWe work with with this company on your closing date. Since you don't have to worry with this coordination, you can concentrate on the move, painting, new carpet, and all the details of getting a new house.
You've answered some few questions, given us lots of information, applied online, and the next thing you know, you are moving in! Reliance Mortgage Service, Inc is in the business of loans; you're not — so we take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call Reliance Mortgage Service, Inc at 562 320-0510. We answer questions about the loan process every day.