The Mortgage Loan Process: an Overview
Make no mistake, there's quite a lot involved in oder to get a mortgage. You wouldn't be looking up loan information if you could get a mortgage loan in one day by filling out 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 important steps involved in getting a loan.
Step one: determine how much you can borrow
This is a function of a couple things. 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? Use the calculators on our website to determine your monthly payment amount. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 process really begins and Savers Home Loans can really save you money. You will supply information about your employment, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission, of course). After we've reviewed the provided information, we'll provide you with a pre-qualificaiton letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for your new home, we're busy finding the loan that's right for you.
After you've made the offer and the sellers accept it, you should apply for the loan. It's very easy, and you can apply online, right here on our site. At the end of this step, we'll order an appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to find a title company to take care of the funding of your loan. We'll coordinate with this company to make sure all the papers your lender requires are avaiailable, and you'll probably}likely sign all these papers at their officeWe coordinate with this company on your date to close. Since you don't need to worry with this coordination, you can think about moving, paint colors, new carpet, and the fun parts of moving into a new house.
You've answered some few questions, provided detailed information, applied online, and Before you know it, you'll be moving! Savers Home Loans is in the business of mortgage loans; 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.