FAQs

Home Loans

A simple way to find out how much mortgage you qualify for is to contact one of our loan officers. Our experts will assess your individual situation and provide an estimate of how much you can borrow, helping you as you search for your new home.

The main types of government-backed mortgages are VA, FHA, and USDA loans. VA loans are supported by the U.S. Department of Veterans Affairs, FHA loans are backed by the U.S. Department of Housing and Urban Development (HUD), and USDA loans are provided by the U.S. Department of Agriculture.

A fixed rate home loan offers predictable monthly payments and stability since the interest rate does not change over the life of the loan. This can make budgeting easier and protect you from future interest rate increases.

Refinance

Absolutely. If the timing is right, refinancing can lead to significant savings. By replacing a high-interest rate with a lower one, you can reduce your monthly mortgage payments and save money over the life of the loan.

Consider refinancing if any of the following apply:
  • Interest rates are at least two points lower than your current rate.
  • The market value of your home has significantly increased.
  • Your current 30-year loan has been in place for less than 10 years.
The refinance loan process is similar to your initial home loan process but with fewer steps. A Reliance Mortgage loan officer will start by understanding your goals and then help you select the right loan solution to meet them. Your loan application and home appraisal will be reviewed by an underwriter for approval. Once the underwriter approves, you'll proceed to close on your refinanced loan.

Build and Remodel

A construction loan offers financing for building a new home or undertaking a major remodel of an owner-occupied single-family residence or second home.

A one-time close (OTC) loan finances the construction or major remodel of a primary residence or second home. With this single loan, you cover both the lot purchase and construction costs, and it then converts to a permanent mortgage once the construction is complete.

No, a construction loan covers only the construction phase and the costs associated with building the home. It is typically a short-term loan. After the home is completed, you'll need to obtain a permanent mortgage.