The Loan Process: an Overview

There's no doubt that getting a mortgage is a complicated process. You wouldn't be visiting our site if it were possible to fill out a one-page mortgage application and receive an excellent loan funded the same day. But Savers Home Loans does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

Getting a home loan involves four major steps.

Step one: Decide how much you can afford

A couple of factors determine this amount. How much of a monthly payment can you afford? 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. 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 Savers Home Loans can begin to save you money. You will give us info on your employment, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We get your permission to pull your credit score and report. After we've finished reviewing this information, we'll give you a pre-qualificaiton letter. Your real estate agent will likely use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're looking for your new house with your agent, we find the best program for you.

Step three: apply for your loan

After you've signed the offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan could not be much easier; you can apply right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order a professional appraisal on the home.

Step four: your loan is funded

Your REALTOR® and the seller's will work together to find 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 all these papers at this company's officeWe do all the work to coordinate with the title company to set your closing date. Because you won't need to worry with this coordination, you can think about the move, if you're going to repaint, new carpet, and the details involved in getting your new home.

You've answered some few questions, provided lots of information, applied , and Before you know it, you're moving! We take care of all 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. It's our job to answer lending questions, so we're happy to help!