How the Loan Process Works
There's little doubt that getting a mortgage loan is a complex process. You wouldn't be here on our site if it were possible to complete a one-page mortgage application and receive an excellent loan funded 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 primary steps involved in obtaining a loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. 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? 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 is where Savers Home Loans can start to save you money. You will supply info about your employment, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We pull your credit score and report. We'll review all this information and will give you a pre-qualification letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're picking out your new home, we're busy researching the loan program that's just right for you.
Step three: apply now! We make it easy
Once you've made the offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan couldn't be much easier; you can apply online right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order a professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" and closing of the sale. We'll coordinate with this company to make sure the papers your lender will need are in order, and you'll probably}likely sign everything at this company's officeWe coordinate with this company on your date of closing. Because you won't have to worry with this coordination, you get to concentrate on the move, painting, new carpet, and the details involved in getting a new house.
You've answered a few questions, provided detailed information, applied , and Before you know it, you're moving in! Savers Home Loans is a mortgage specialist; you're not — so we take care of the details. Doesn't that sound nice?
Have questions about the loan process? Call Savers Home Loans at (800) 974-0509. We answer questions about the loan process every day.