The Mortgage Loan Process: an Overview
There's quite a lot involved when you get a mortgage loan. You wouldn't be researching mortgage loans if it were possible to get a loan in a single 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 getting a mortgage loan.
Step one: Decide how much you can afford
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. We'll also help you through different scenarios by asking a few simple questions. 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 process really begins and Reliance Mortgage Service, Inc can really save you money. You will supply information on your current job, your assets, and residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission, of course). After we've reviewed your information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it is a useful tool when you make your offer! Your real estate agent will use the 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 shopping for a new house with your agent, we find the best program for you.
After you've made an offer and the sellers accept it, it's time to apply for the loan. It's very easy, and you can apply online, right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order a professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will coordinate to designate a title company to take care of the funding of your loan. We'll work with this company to make sure all the papers your lender needs are in order, and you will probably}likely sign all these papers at this company's officeWe do all the work to work with with the title company to set your date of closing. Because you will not have to worry with this coordination, you get to think about the move, if you're going to repaint, carpet, and all the details of moving into your new house.
You've answered a few questions, provided lots of information, applied , and Before you know it, you're moving in! We do the mortgage legwork so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Reliance Mortgage Service, Inc at 562 320-0510. We answer questions about the loan process every day.