An Overview of the Mortgage Loan Process
Make no mistake, there's a lot to do when you get a mortgage loan. You wouldn't be here on our site if it were possible to complete a simple loan app and receive an excellent 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.
Getting a mortgage loan involves four major steps.
Step one: Decide how much you can afford
This is a function of a couple things. What kind of monthly payment are you looking for? 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: pre-qualify for your loan
This is where the rubber meets the road and you save the most money. You will supply information about your employment, assets, and residence history. You'll provide your employment, asset, and residence history information. We get your permission to run your credit score and report. After we've finished reviewing this information, we'll provide a pre-qualificaiton letter. Handle it with care — it is a useful tool for buying your new home! 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 looking for your new home with your REALTOR™, we find the best program for you.
Once you've made an offer and the sellers have accepted, you should apply for the loan. Applying for your loan couldn't get much easier; you can apply right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to ensure the papers your lender needs are in order, and you'll probably}likely sign all these papers at their officeWe do all the work to coordinate with this company on your date to close. Since you don't need to worry with this coordination, you get to think about moving, if you're going to repaint, carpet, and all the details of getting a new house.
You've answered some few questions, given us lots of information, applied online, and the next thing you know, you are deciding when to move in! We take care of the legwork so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call Reliance Mortgage Service, Inc at 5623200510. Reliance Mortgage Service, Inc answers loan process questions every day.