The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
There's quite a lot involved in oder to get a mortgage. You wouldn't be looking up loan information if you could get a loan in one day by filling out a simple application. But Savers Home Loans does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a loan involves four major milestones.
Step one: Decide how much you can afford
A couple of factors determine this amount. 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? 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: complete a pre-qualification
This step is where Savers Home Loans will begin saving you money. You will provide info about your employment, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We get your permission to run your credit score and report. We'll review this information then provide a pre-qualification letter. Handle it with care — it can be a useful tool when you make your offer! Your agent should use the pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for your new house with your REALTOR™, we find the best program for you.
Once you've made the offer and it's been accepted, you should complete the loan application. It couldn't be easier, and you can do it online, right here on our site. After the offer has been accepted and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" and closing. We'll work with this company to ensure all the papers your lender will need 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 of closing. Because you won't have to worry about these details, you get to think about moving, paint colors, new carpet, and the details involved in moving into a new home.
You've answered some few questions, given us detailed information, applied online, and Before you know it, you're moving 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.