An Overview of the Mortgage Loan Process
There's little question ; getting a mortgage loan is a complex process. You wouldn't be visiting our site if you could fill out a simple loan app and get the best 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 mortgage 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. 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: pre-qualify for your loan
This is where Reliance Mortgage Service, Inc can start saving you money. You will give us information about your current job, your assets, and residence history. You'll supply your employment, asset, and residence history information. We run your credit score and report. We will go over this information then provide a letter of pre-qualification. 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 program for you.
Once you've made the offer and the sellers have accepted, it's time to complete the loan application. Applying for a loan couldn't get much easier; you can apply right here on our site. Finally, we'll order the appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to find a title company to take care of the funding of your loan. We'll work with this company to ensure the papers your lender will need are in order, and you'll probably}likely sign all these papers at this company's officeWe do all the work to work with with the title company on your closing date. Since you won't have to coordinate this process, you get to think about moving logistics, if you're going to repaint, new carpet, and all the details of moving into a new house.
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. Reliance Mortgage Service, Inc answers loan process questions every day.