The Loan Process: an Overview
There's quite a lot involved in oder to get a mortgage loan. You wouldn't be looking up loan information if you could get a loan in one day by filling out a simple application. 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.
Getting a mortgage loan involves four major milestones.
Step one: Decide on your maximum loan amount
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 step is where Savers Home Loans can begin saving you money. You will provide info about your employment, assets, and your residence history. You'll provide information on your employment, asset, and residence history. We get your permission to run your credit score and report. We'll go over all this info and give you a letter of pre-qualification. Be careful with this letter — it is a great tool for buying your new home! With this letter, your real estate agent 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 right for your unique situation.
Step three: apply now! We make it easy
Once you've made an offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can do it online, right here on our website. After the offer has been accepted and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll coordinate with this company to make sure all the papers your lender will need are avaiailable, and you'll probably}likely sign everything at this company's officeWe do all the work to work with with this company on your closing date. Because you don't have to coordinate this process, you get to think about the move, paint colors, new carpet, and the fun parts of getting a new house.
You've answered a few questions, given us detailed information, applied , and before you know it, you are deciding when to move in! We take care of the loan details so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call Savers Home Loans at (800) 974-0509. We answer questions about the loan process every day.