How the Mortgage Loan Process Works
No doubt, quite a lot involved in oder to get a mortgage loan. You wouldn't be here on our site if it were possible to fill out a simple loan app and receive a great 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 mortgage loan involves four major milestones.
Step one: Decide on your maximum loan amount
This is a function of a couple things. 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? 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: complete a pre-qualification
This is where Savers Home Loans can begin saving you money. You will provide details on your current job, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We pull your credit score and report. After we've reviewed the provided information, we'll provide a pre-qualificaiton letter. Handle it with care — it can be a great tool for buying your new home! 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 shopping for the home that's right for you, we are researching the best loan for you.
After you've made the offer and the sellers accept it, it's time to apply for the loan. Applying for your loan could not be much easier; you can apply online right here on our site. After the seller has accepted your offer and you have applied for your loan, we will order a professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to decide on an escrow/title company to handle the funding of your loan. We'll coordinate with this company to ensure all the papers your lender needs are in order, and you'll probably}likely sign everything at their officeWe do all the work to coordinate with this company on your date to close. Since you will not need to worry with this coordination, you get to think about moving logistics, painting, new carpet, and the fun parts of getting a new home.
You've answered some few questions, provided detailed information, applied online, and Before you know it, you'll be moving in! Savers Home Loans is in the business of mortgage loans; you're not — so we take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Savers Home Loans at (800) 974-0509. We answer questions about the loan process every day.