The Four Steps of the Loan Process:The Loan Process: Four Steps
No doubt, a lot to do when you get a mortgage loan. You would not be looking up loan information if you could get a 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.
Getting a mortgage loan involves four major milestones.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. What kind of monthly payment are you looking for? 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: pre-qualify for your loan
This is where the rubber meets the road and you save the most money. You will provide information about your current job, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We get your permission to pull your credit score and report. When we review this info we give you a pre-qualification letter. Your agent will likely use the pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're picking out your new home, we are looking for the best loan program for you.
Once you have made an offer and the sellers have accepted, it's time to complete the loan application. Applying for a loan could not get much easier; you can apply online right here on our site. When the time is right, we'll order an appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to decide on a title company to take care of the funding of your loan once it has been approved. We'll work with this company to make sure the papers your lender requires are in order, and you'll probably}likely sign everything at this company's officeWe work with with the title company to set your date of closing. Since you don't need to worry with this coordination, you get to concentrate on the move, painting, carpet, and all the details of getting your new home.
You've answered some few questions, provided detailed information, applied online, and Before you know it, you'll be moving! Reliance Mortgage Service, Inc is in the business of mortgage loans; you're not — so we do the work. Doesn't that sound nice?
Have questions about the loan process? Call Reliance Mortgage Service, Inc at 562 320-0510. We answer questions about the loan process every day.