How the Mortgage Loan Process Works

Make no mistake, there's quite a lot involved when you get a mortgage. You wouldn't be looking up loan information if you could get a mortgage loan in one day by filling out a simple application. 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 loan involves four major steps.

Step one: Decide how much you can afford

This is a function of a couple things. How much of a monthly payment can you afford? 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. 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 is where the process really begins and Reliance Mortgage Service, Inc can really save you money. You will give us info on your employment, assets, and residence history. You'll provide information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission. When we review all this info we will provide a letter of pre-qualification. Your agent should use your pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for your new home with your REALTOR™, we find the best program for you.

Step three: apply for your loan

Once you have made the offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can do it online, right here on our website. At the end of this step, 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 designate 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 will probably}likely sign everything at their officeWe do all the work to work with with this company to set your date of closing. Since you don't have to worry with this coordination, you can think about moving logistics, painting, new carpet, and the details involved in moving into your new home.

You've answered a few questions, provided lots of information, applied online, and Before you know it, you'll be moving in! Reliance Mortgage Service, Inc is a mortgage specialist; you're not — so we do the work. Doesn't that make sense?

Have questions about the loan process? Call Reliance Mortgage Service, Inc at 5623200510. We answer questions about the loan process every day.

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Reliance Mortgage Service, Inc

NMLS# 254859 DRE Lic # 0019139