The Mortgage Loan Process: an Overview
There's no question that getting a mortgage is a complex process. You wouldn't be visiting our website if you could fill out a one-page application and get a great loan check cut in one 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 loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. 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? Use the calculators on our website to determine your monthly payment amount. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 Reliance Mortgage Service, Inc can start to save you money. You will provide information about your employment, your assets, and residence history. You'll provide information on your employment, asset, and residence history. We pull your credit score and report. We will review all this information then will provide a letter of pre-qualification. Be careful with this letter — it can be a great tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. While you're picking out your new home, we are looking for the loan that best fits your needs.
Once you have signed 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 website. At the end of this step, we'll order an appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will coordinate to find an escrow/title company to handle the funding of your loan. We'll work with this company to make sure all the papers your lender will need are avaiailable, and you will probably}likely sign all these papers at their officeWe do all the work to work with with the title company to set your closing date. Since you don't have to worry with this coordination, you can concentrate on moving logistics, if you're going to repaint, new carpet, and the fun parts of getting a new home.
You've answered some few questions, given us lots of information, applied online, and before you know it, you are moving in! Reliance Mortgage Service, Inc is in the business of mortgage loans; you're not — so we 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. We answer questions about the loan process every day.