The Mortgage Loan Process: an Overview
Make no mistake, there's quite a lot to do in oder to get a mortgage loan. You would not be looking up loan information if you could get a mortgage loan in one day by filling out a simple application. But Reliance Mortgage Service, Inc does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major milestones.
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? 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. 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 process really begins and Reliance Mortgage Service, Inc can really save you money. You will give us info about your current job, assets, and residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission, of course). After we've reviewed this information, we'll give you a pre-qualificaiton letter. Your agent 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 deciding on the home that's right for you, we're busy researching the loan program that's just right for you.
Step three: apply now! We make it easy
After you've signed an offer and the sellers accept it, you should apply for the loan. It's very easy, and you can apply online, right here on our website. Finally, we will order the appraisal of your new home.
Step four: funding
The real estate 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 make sure all 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 work with with the title company to set your closing date. Because you don't have to worry with this coordination, you get to concentrate on the move, painting, carpet, and the fun parts of getting your new home.
You've answered a few questions, provided detailed information, applied , and before you know it, you are deciding when to move in! We do the mortgage legwork so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Reliance Mortgage Service, Inc at 562 320-0510. We answer questions about the loan process every day.