The Loan Process: an Overview

There's little question that getting a mortgage loan is a complicated process. You wouldn't be looking up loan information if it were possible to get a 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.

There are four main steps involved in obtaining a mortgage 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. 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: pre-qualify for your loan

This is where the rubber meets the road and Savers Home Loans can really save you money. You will provide details about your current job, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (with your permission, of course). After we've finished reviewing this information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it can be a great tool for buying your new home! Your real estate agent will use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're picking out your new home, we are finding the best loan program for you.

Step three: apply now! We make it easy

After you've made the offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan couldn't be much easier; you can apply right here on our site. After the offer has been accepted and you have applied for your loan, we'll order the 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" of the loan and closing. We'll coordinate with this company to make sure all the papers your lender needs are in order, and you'll probably}likely sign everything at their officeWe do all the work to work with with this company on your closing date. Since you will not need to coordinate this process, you get to think about the move, if you're going to repaint, new carpet, and the details involved in moving into a new house.

You've answered a few questions, provided lots of information, applied , and the next thing you know, you're deciding when to move in! We do the mortgage legwork so you can focus on finding your new home.

Have questions about the loan process? Call Savers Home Loans at (800) 974-0509. Savers Home Loans answers loan process questions every day.