The Four Steps of the Loan Process:The Loan Process: Four Steps
There can be no doubt ; getting a mortgage is a complex process. You wouldn't be here on our site if you could complete a simple loan application and get the best loan check cut the same day. But Reliance Mortgage Service, Inc does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major steps.
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? 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: pre-qualify for your loan
This is where Reliance Mortgage Service, Inc will start to save you money. You will provide information about your current job, assets, and residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (with your permission. After we've reviewed the provided information, we'll provide you with a pre-qualificaiton letter. Be careful with this letter — it is a great tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for your new home, we are researching the loan that best fits your needs.
Step three: apply now! We make it easy
Once you have made the offer and it's been accepted, it's time to complete the loan application. It couldn't be easier, and you can do it 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 decide on an escrow/title company to take care of the funding of your loan. We'll work with this company to make sure the papers your lender requires are avaiailable, and you'll probably}likely sign everything at this company's officeWe coordinate with the title company on your closing date. Since you don't have to worry with this coordination, you get to concentrate on moving logistics, paint colors, carpet, and the details involved in getting your new house.
You've answered some few questions, provided lots of information, applied online, and Before you know it, you'll be moving in! We take care of 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!