The Loan Process: an Overview

There is no question that getting a mortgage loan is a complicated process. You wouldn't be researching mortgage loans if you could get a loan in a single day with a simple application. But Savers Home Loans does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

There are four primary steps involved in getting 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? 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. We'll also help you through different scenarios by asking a few simple questions. 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 step is where Savers Home Loans will begin saving you money. You will supply info about your current job, assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will get your credit report and score (with your permission. When we review all this information we give you a pre-qualification letter. Handle it with care — 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 looking for a new home with your agent, we find the best program for you.

Step three: apply for your loan

Once you've made an offer and it's been accepted, you should apply for the loan. Applying for a loan couldn't be much easier; you can apply from the comfort of your home right here on our site. When the time is right, we'll order an appraisal of your new home.

Step four: funding

Your REALTOR® and the seller's will work together to decide on a title company to take care of the funding of your loan. We'll coordinate with this company to ensure the papers your lender needs are in order, and you will probably}likely sign everything at their officeWe do all the work to work with with the title company to set your date to close. Because you don't need to worry about these details, you can think about the move, if you're going to repaint, carpet, and all the details of moving into your new house.

You've answered a few questions, provided lots of information, applied , and Before you know it, you're moving in! We take care of the loan details so you can spend your time finding the new home that's right for you.

Have questions about the loan process? Call Savers Home Loans at (800) 974-0509. It's our job to answer lending questions, so we're happy to help!