How the Loan Process Works

Make no mistake, there's a lot involved when you get a mortgage. You wouldn't be here on our website if it were possible to fill out a simple mortgage application and receive the best loan check cut in one 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 important steps involved in obtaining a loan.

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. 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: pre-qualify for your loan

This step is where Savers Home Loans can start to save you money. You will supply info on your employment, your assets, and residence history. You'll provide your employment, asset, and residence history information. We pull your credit score and report. When we review this information we give you a pre-qualification letter. Your agent will likely 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 finding the loan that's just right for your situation.

Step three: apply now! We make it easy

Once you have made the offer and the sellers accept it, you should apply for the loan. Applying for your loan could not be much easier; you can apply online right here on our site. After the offer has been accepted and you have applied for your loan, we will order the professional appraisal on the home.

Step four: your loan is funded

The agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll work with this company to ensure the papers your lender will require are in order, and you will probably}likely sign all these papers at this company's officeWe do all the work to work with with the title company on your date to close. Because you won't need to worry about these details, you can think about moving logistics, painting, new carpet, and all the details of getting your new home.

You've answered some few questions, provided detailed information, applied , and Before you know it, you'll be moving in! Savers Home Loans is a mortgage specialist; you're not — so take care of the details. 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.