How the Mortgage Loan Process Works
There's no question that getting a mortgage is a complex process. You would not be researching mortgage loans if you could get a mortgage loan in one day with a simple application. We do most of the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
There are four primary steps involved in getting a mortgage loan.
Step one: Decide how much you can afford
A couple of factors determine this amount. What kind of monthly payment are you looking for? 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. 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: complete a pre-qualification
This is where the process really begins and Savers Home Loans can really save you money. You will provide information on your current job, assets, and residence history. You'll provide information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission. We'll go over this information and will give you a pre-qualification letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for a new house with your agent, we find the best program for you.
Once you have made the offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our website. At the end of this step, we'll order the appraisal of your new home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" and closing of the sale. We'll coordinate with this company to make sure the papers your lender will require are avaiailable, and you will probably}likely sign all these papers at this company's officeWe do all the work to coordinate with this company to set your date of closing. Because you won't need to coordinate this process, you can think about moving, painting, carpet, and the fun parts of moving into a new house.
You've answered a few questions, given us detailed information, applied , and Before you know it, you'll be moving! We do the mortgage legwork so you can spend your time finding your new home.
Have questions about the loan process? Call Savers Home Loans at (800) 974-0509. It's our job to answer lending questions, so we're happy to help!