The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
There can be no question that getting a mortgage is a complex process. You would not be researching mortgage loans if you could get a mortgage loan in a single day by filling out a simple application. We do most of the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
There are four primary steps involved in getting a mortgage loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. How much of a monthly payment can you afford? 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: complete a pre-qualification
This is where the rubber meets the road and you save the most money. You will supply info about your employment, your assets, and residence history. You'll provide information on your employment, asset, and residence history. We run your credit score and report. After we have gone over this information we will provide a letter of pre-qualification. Handle it with care — it is a great tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're deciding on the home that's right for you, we are looking for the loan that best fits your needs.
Step three: apply now! We make it easy
Once you have signed an offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our website. When the time is right, we will order an appraisal of your new home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to ensure the papers your lender will require are in order, and you will probably}likely sign all these papers at this company's officeWe do all the work to coordinate with this company to set your closing date. Because you will not need to worry with this coordination, you get to concentrate on moving logistics, paint colors, carpet, and the fun parts of getting your new home.
You've answered some few questions, given us detailed information, applied online, and Before you know it, you're moving in! We take care of the legwork so you can spend your time finding your new home.
Have questions about the loan process? Call Savers Home Loans at (800) 974-0509. We answer questions about the loan process every day.