The Mortgage Loan Process: an Overview

There's no doubt that getting a mortgage loan is a complicated process. You wouldn't be here on our site if you could fill out a simple loan app and get an excellent loan check cut the same day. We do 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 on your maximum loan amount

A couple of factors determine this amount. 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? 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 the process really begins and you save the most money. You will supply information about your current job, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We pull your credit score and report. When we review this information we give you a pre-qualification letter. Your agent should use the 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 picking out the home that's right for you, we're busy researching the loan that's just right for you.

Step three: apply for your loan

Once you've made an offer and it's been accepted, you should apply for the loan. It couldn't be easier, and you can do it online, right here on our website. When the time is right, 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 the papers your lender requires are avaiailable, 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. Because you will not need to coordinate this process, you can think about the move, if you're going to repaint, new carpet, and the details involved in moving into a new house.

You've answered some few questions, provided lots of information, applied , and Before you know it, you'll be moving! Reliance Mortgage Service, Inc is a mortgage specialist; you're not — so we take care of the details. Doesn't that sound nice?

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

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Reliance Mortgage Service, Inc

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