The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
There is no question that getting a mortgage is a complicated process. You wouldn't be here on our website if you could complete a simple application and receive the best loan funded in one day. 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 important steps involved in getting 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? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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 you save the most money. You will give us info about your employment, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). After we've finished reviewing 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 deciding on your new home, we are finding the best loan program for you.
Step three: apply now! We make it easy
Once you have 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 website. After the seller has accepted your offer and you have applied for your loan, we will order the professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will coordinate to find an escrow/title company to handle the funding of your loan. We'll coordinate with this company to ensure the papers your lender requires are in order, and you'll probably}likely sign all these papers at this company's officeWe do all the work to coordinate with this company on your date to close. Since you won't have to coordinate this process, you can think about moving logistics, paint colors, carpet, and all the details of getting your new home.
You've answered some few questions, provided lots of information, applied , and Before you know it, you'll be moving! Savers Home Loans is in the business of loans; you're not — so we do the work. Doesn't that sound nice?
Have questions about the loan process? Call Savers Home Loans at (800) 974-0509. Savers Home Loans answers loan process questions every day.