The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
There is little question ; getting a mortgage is a complicated process. You wouldn't be researching mortgage loans 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 primary steps involved in getting a mortgage loan.
Step one: Decide on your maximum loan amount
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? 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: complete a pre-qualification
This step is where Savers Home Loans can begin saving you money. You will give us details about your current job, assets, and residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission, of course). After we've finished reviewing the provided information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it is a great tool for buying your new home! Your REALTOR® will use the pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for your new house with your REALTOR™, we find the best program for you.
After you've signed an offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan couldn't be much easier; you can apply online right here on our site. When the time is right, we'll order the appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will work together to designate an escrow/title company to take care of the funding of your loan. We'll coordinate with this company to ensure 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 get to concentrate on moving, if you're going to repaint, new carpet, and the fun parts of getting a new home.
You've answered some few questions, provided lots of information, applied online, and the next thing you know, you are deciding when to move in! We take care of the loan details so you can focus on finding your new home.
Have questions about the loan process? Call Savers Home Loans at (800) 974-0509. Savers Home Loans answers loan process questions every day.