How the Mortgage Loan Process Works
Shopping for a mortgage? We will be glad to assist you! Give us a call today at (956) 622-4307. Ready to get started? Apply Here
Make no mistake, there's a lot involved in order to get a mortgage loan. You wouldn't be here on our website if you could fill out a simple loan app and get a great loan check cut the same day. But Reliant Mortgage Services does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major steps.
Step one: determine how much you can borrow
A couple of factors determine this amount. 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? You can get a good idea of your preferred payment amount 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 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 details about your current job, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission, of course). When we review this information we provide a letter of pre-qualification. Your REALTOR® will likely use your pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're looking for your new house with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
Once you've made the offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can do it online, right here on our website. After the seller has accepted your offer and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will coordinate to decide on an escrow/title company to take care of the funding of your loan once it's approved. We'll work with this company to make sure all the papers your lender will require are in order, and you will probably}likely sign all these papers at this company's officeWe coordinate with the title company to set your date of closing. Because you don't have to worry about these details, you get to concentrate on moving logistics, paint colors, new carpet, and the details involved in moving into your new house.
You've answered some few questions, given us detailed information, applied online, and before you know it, you're deciding when to move in! Reliant Mortgage Services 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 Reliant Mortgage Services at (956) 622-4307. It's our job to answer lending questions, so we're happy to help!