About the Loan Process
There can be little question that 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 get 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.
There are four main steps involved in obtaining a loan.
Step one: determine how much you can borrow
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? 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 is where Savers Home Loans can begin to save you money. You will supply info about your employment, assets, and your residence history. You'll provide your employment, asset, and residence history information. We run your credit score and report. We'll go over this information and give you a pre-qualification letter. Handle it with care — it is a great tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're deciding on your new home, we're busy finding the loan that's right for you.
Step three: apply now! We make it easy
Once you have made an offer and the sellers have accepted, you should complete the loan application. Applying for your loan could not get much easier; you can apply right here on our site. At the end of this step, we will order the appraisal of your new home.
Step four: funding
The real estate agents will find a title company to handle the "funding" and closing of the sale. We'll coordinate with this company to make sure the papers your lender will require are avaiailable, and you will probably}likely sign everything at this company's officeWe work with with the title company to set your date to close. Since you don't need to worry with this coordination, you can concentrate on moving logistics, painting, new carpet, and the details involved in getting your new house.
You've answered a few questions, given us detailed information, applied online, 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. Makes sense, doesn't it??
Have questions about the loan process? Call Savers Home Loans at (800) 974-0509. We answer questions about the loan process every day.