An Overview of the Loan Process

There is no question that getting a mortgage loan is a complicated process. You wouldn't be visiting our website if it were possible to fill out a simple loan application and receive the best loan check cut in one day. But Savers Home Loans does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

There are four important steps involved in getting a mortgage loan.

Step one: determine how much you can borrow

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 give us info about your current job, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We pull your credit score and report. After we've finished reviewing this information, we'll give you a pre-qualificaiton letter. Handle it with care — it can be a useful tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for your new house with your real estate agent, we find the best program for you.

Step three: apply for your loan

After you've made the offer and the sellers accept it, it's time to apply for the loan. It's very easy, and you can apply online, right here on our site. 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

The real estate agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to ensure the papers your lender needs are avaiailable, and you'll probably}likely sign all these papers at their officeWe work with with the title company on your closing date. Since you won't have to coordinate this process, you get to concentrate on moving logistics, painting, new carpet, and the details involved in moving into a new home.

You've answered a few questions, provided lots of information, applied , and before you know it, you're deciding when to move in! Savers Home Loans is a mortgage specialist; you're not — so we take care of the details. Makes sense, doesn't it??

Have questions about the loan process? Call Savers Home Loans at (800) 974-0509. Savers Home Loans answers loan process questions every day.