An Overview of the Mortgage Loan Process

There is little doubt that getting a mortgage is a complicated process. You would not be looking up loan information if it were possible to get a mortgage loan in a single day by filling out a simple application. We do 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? Use the calculators on our website to determine your monthly payment amount. We'll also help you through different scenarios by asking a few simple questions. 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: complete a pre-qualification

This is where the rubber meets the road and you save the most money. You will give us information about your employment, your 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). After we have gone over this information we give you a letter of pre-qualification. With this letter, your real estate agent will negotiate the best deal for your new home. While you're looking for a new home with your real estate agent, we find the best program for you.

Step three: apply now! We make it easy

Once you have signed an offer and the sellers accept it, you should apply for the loan. It's very easy, and you can apply online, right here on our website. When the time is right, we will order an appraisal of your new home.

Step four: funding

The agents will find a title company to handle the "funding" and closing of the sale. We'll coordinate with this company to ensure the papers your lender needs are in order, and you'll probably}likely sign all these papers at this company's officeWe do all the work to work with with this company on your date to close. Since you will not have to worry about these details, you can concentrate on the move, painting, new carpet, and the fun parts of getting a new home.

You've answered some few questions, provided lots of information, applied online, and Before you know it, you're moving 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. We answer questions about the loan process every day.