About the Mortgage Loan Process
There's no doubt that getting a mortgage is a complicated process. You wouldn't be looking up loan information if it were possible to get a mortgage loan in one day with a simple application. But Savers Home Loans does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four primary steps involved in obtaining a loan.
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? What is the maximum you can borrow from a lender, given your income and credit history? You can get a good idea of your preferred payment abount using the calculators on our website. 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: complete a pre-qualification
This is where the process really begins and Savers Home Loans can really save you money. You will supply details on your current job, assets, and your residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (with your permission. After we've reviewed your information, we'll give you a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're picking out the home that's right for you, we are finding the best loan for you.
Once you've made the offer and it's been accepted, it's time to complete the loan application. Applying for your loan couldn't be much easier; you can apply online right here on our site. When the time is right, we'll order an appraisal of your new home.
Step four: funding
The agents will find a title company to handle the "funding" of the loan and closing. We'll coordinate with this company to ensure the papers your lender will require are in order, and you'll probably}likely sign everything at their officeWe coordinate with the title company on your date to close. Because you will not need to worry about these details, you can think about the move, painting, carpet, and the details involved in moving into a new house.
You've answered a few questions, provided detailed information, applied online, and Before you know it, you'll be moving! Savers Home Loans is a mortgage specialist; you're not — so take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call Savers Home Loans at (800) 974-0509. We answer questions about the loan process every day.