An Overview of the Mortgage Loan Process
No doubt, quite a lot involved when you get a mortgage. You wouldn't be visiting our website 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.
There are four primary steps involved in getting a loan.
Step one: Decide on your maximum loan amount
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? Use the calculators on our website to determine your monthly payment amount. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 the process really begins and you save the most money. You will supply info about your current job, assets, and residence history. You'll give us information on your employment, asset, and residence history. We get your permission to run your credit score and report. We'll go over this info then provide a letter of pre-qualification. Handle it with care — it can be a great tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're looking for your new house with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
After you've made an offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan could not get much easier; you can apply right here on our site. After the offer has been accepted and you have applied for your loan, we will order the professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to designate a title company to handle the funding of your loan once it has been approved. We'll coordinate with this company to make sure all the papers your lender will need are avaiailable, and you will probably}likely sign everything at this company's officeWe coordinate with this company on your date of closing. Since you don't have to worry with this coordination, you get to think about the move, painting, new carpet, and the fun parts of getting your new house.
You've answered some few questions, provided lots of information, applied online, and the next thing you know, you're deciding when to move in! Savers Home Loans is a mortgage specialist; 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. It's our job to answer lending questions, so we're happy to help!