How the Mortgage Loan Process Works
There is no question ; getting a mortgage is a complex process. You wouldn't be visiting our site if you could complete a one-page loan app and get a great loan check cut the same day. 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.
There are four main steps involved in obtaining 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? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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: pre-qualify for your loan
This is where the rubber meets the road and Savers Home Loans can really save you money. You will provide info about your employment, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We get your permission to pull your credit score and report. After we've reviewed the provided information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it is a useful tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're picking out the home that's right for you, we are finding the loan that best fits your needs.
Once you have signed the offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our site. After the offer has been accepted and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will work together to decide on a title company to handle the funding of your loan once it has been approved. We'll coordinate with this company to make sure all the papers your lender will need are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe do all the work to work with with the title company to set your date to close. Because you will not need to worry with this coordination, you can think about moving logistics, if you're going to repaint, carpet, and the details involved in moving into your new home.
You've answered some few questions, given us detailed information, applied , and the next thing you know, you are deciding when to move in! Savers Home Loans is in the business of loans; you're not — so we do the work. Doesn't that sound nice?
Have questions about the loan process? Call Savers Home Loans at (800) 974-0509. Savers Home Loans answers loan process questions every day.