The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps

There's quite a lot to do when you get a mortgage. You wouldn't be here on our site if it were possible to complete a one-page loan app and receive an excellent loan check cut the same day. But Savers Home Loans does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

Getting a loan involves four major milestones.

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? 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. 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: pre-qualify for your loan

This step is where Savers Home Loans can start saving you money. You will provide information on your current job, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (with your permission, of course). We will go over this info then will provide a letter of pre-qualification. Handle it with care — it can be a useful tool when you make your offer! 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 a new house with your agent, we find the best program for you.

Step three: apply for your loan

After you've made an offer and the sellers accept it, you should apply for the loan. It's very easy, and you can do it online, right here on our site. When the time is right, we'll order an appraisal of your new home.

Step four: your loan is funded

Your real estate agent and the seller's will work together to decide on a title company to take care of the funding of your loan. We'll work with this company to make sure all the papers your lender requires are in order, and you will probably}likely sign everything at their officeWe work with with the title company on your closing date. Since you won't need to coordinate this process, you can think about moving, if you're going to repaint, carpet, and the fun parts of getting a new home.

You've answered a few questions, provided detailed information, applied , and the next thing you know, 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. It's our job to answer lending questions, so we're happy to help!