How the Loan Process Works
There is no doubt that getting a mortgage loan is a complicated process. You wouldn't be looking up loan information if you could get a mortgage loan in one day with a simple application. 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. 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. 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: complete a pre-qualification
This is where the rubber meets the road and Reliance Mortgage Service, Inc can really save you money. You will supply information on your employment, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We get your permission to run your credit score and report. We'll go over all this information and provide a pre-qualification letter. Be careful with this letter — it is a great tool when you make your offer! Your agent 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 looking for a new house with your agent, we find the best program for you.
Once you've made an offer and it's been accepted, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our website. After the offer has been accepted and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will coordinate to designate 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 requires are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe work with with the title company to set your date to close. Because you will not have to worry with this coordination, you get to think about moving, paint colors, new carpet, and the details involved in moving into your new home.
You've answered some few questions, given us lots of information, applied online, and Before you know it, you're moving in! We take care of the legwork 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. We answer questions about the loan process every day.