The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps

There can be no question ; getting a mortgage is a complicated process. You wouldn't be here on our website if you could fill out a simple loan app and receive an excellent loan check cut the same day. 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 obtaining a loan.

Step one: determine how much you can borrow

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? You can get a good idea of your preferred payment abount using the calculators on our website. 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 is where Savers Home Loans will begin saving you money. You will supply information about your employment, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We will pull get your credit report and score (with your permission, of course). After we've reviewed the provided information, we'll provide a pre-qualificaiton letter. Handle it with care — it is a great tool when you make your offer! Your REALTOR® will use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for the home that's right for you, we're busy researching the loan that's right for you.

Step three: apply for your loan

Once you've made an offer and the sellers have accepted, it's time to complete the loan application. Applying for a loan could not get much easier; you can apply from the comfort of your home right here on our site. At the end of this step, we'll order an appraisal of your new home.

Step four: funding

Your real estate agent and the seller's will work together to find a title company to handle the funding of your loan. We'll coordinate with this company to ensure the papers your lender requires are avaiailable, and you'll probably}likely sign all these papers at their officeWe do all the work to coordinate with the title company on your date to close. Since you will not need to worry about these details, you can concentrate on moving, paint colors, new carpet, and the fun parts of getting a new house.

You've answered some few questions, provided lots of information, applied , and before you know it, you're deciding when to move in! We do the mortgage legwork 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.