The Mortgage Loan Process: an Overview

Make no mistake, there's quite a lot to do when you get a mortgage loan. You wouldn't be visiting our website if you could complete a simple mortgage application and receive the best loan funded in one day. But Reliance Mortgage Service, Inc does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

Getting a home loan involves four major milestones.

Step one: determine how much you can borrow

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? 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. 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 step is where Reliance Mortgage Service, Inc will begin to save you money. You will give us details about your current job, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We run your credit score and report. After we've finished reviewing the provided information, we'll provide you with a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. 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.

Step three: apply now! We make it easy

After you've made an offer and the sellers accept it, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our website. Finally, we'll order the appraisal of your new home.

Step four: funding

Your REALTOR® and the seller's will coordinate to find a title company to handle the funding of your loan. We'll coordinate with this company to make sure all the papers your lender requires are avaiailable, and you'll probably}likely sign everything at their officeWe coordinate with this company on your date to close. Since you will not have to coordinate this process, you get to think about moving, paint colors, new carpet, and all the details of moving into a new home.

You've answered some few questions, provided lots of information, applied online, and before you know it, you're deciding when to move in! We take care of the loan details 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.

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