About the Loan Process
There is no doubt that getting a mortgage is a complicated process. You wouldn't be visiting our site if you could fill out a simple mortgage application and get a great loan funded in one day. We do most of 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 getting a loan.
Step one: Decide on your maximum loan amount
This is a function of a couple things. 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. 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 rubber meets the road and you save the most money. You will give us info about your current job, assets, and residence history. You'll supply information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). After we've reviewed your information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it is a great tool for buying your new home! Your REALTOR® should use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for the home that's right for you, we are finding the best loan for you.
Once you've made the offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can apply online, right here on our site. After the offer has been accepted and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to find an escrow/title company to take care of the funding of your loan once it's approved. We'll work with this company to ensure the papers your lender requires are avaiailable, and you'll probably}likely sign all these papers at their officeWe work with with this company on your closing date. Since you don't have to coordinate this process, you can concentrate on moving, painting, carpet, and the fun parts of moving into a new home.
You've answered a few questions, provided lots of information, applied online, and Before you know it, you're moving in! We take care of all the loan details so you can focus on finding your new home.
Have questions about the loan process? Call Reliance Mortgage Service, Inc at 562 320-0510. It's our job to answer lending questions, so we're happy to help!