About the Mortgage Loan Process
Make no mistake, there's a lot to do in oder to get a mortgage. You would not be researching mortgage loans if it were possible to get a mortgage loan in a single day with a simple application. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
Getting a home loan involves four major steps.
Step one: Decide how much you can afford
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? 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. 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 begin saving you money. You will give us info about your employment, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission. After we've reviewed this information, we'll provide a pre-qualificaiton letter. Handle it with care — it is a great tool when you make your offer! Your agent should use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for your new home with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
Once you've made the offer and it's been accepted, it's time to apply for the loan. Applying for a loan could not be much easier; you can apply online right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order a professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will coordinate to decide on a title company to take care of the funding of your loan. We'll coordinate with this company to make sure the papers your lender requires are in order, and you will probably}likely sign everything at this company's officeWe coordinate with this company to set your date of closing. Because you don't need to worry about these details, you can think about moving, if you're going to repaint, carpet, and the fun parts of moving into your new home.
You've answered some few questions, provided lots of information, applied online, and Before you know it, you'll be moving! Savers Home Loans is a mortgage specialist; 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. We answer questions about the loan process every day.