How the Loan Process Works

There's a lot to do when you get a mortgage loan. You wouldn't be here on our website if it were possible to fill out a simple application and get the best loan check cut the same day. 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 primary steps involved in getting a mortgage loan.

Step one: Decide on your maximum loan amount

A couple of factors determine this amount. What kind of monthly payment are you looking for? 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. 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 step is where Savers Home Loans will begin saving you money. You will supply information on your employment, your assets, and residence history. You'll give us your employment, asset, and residence history information. We get your permission to run your credit score and report. We will review all this information then will give you a letter of pre-qualification. 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 looking for a new house with your real estate agent, we find the best program for you.

Step three: apply now! We make it easy

Once you have signed an offer and the sellers accept it, it's time to apply for the loan. It's very easy, and you can apply online, right here on our site. After the offer has been accepted and you have submitted your loan application, we will order a professional appraisal on the home.

Step four: your loan is funded

The agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll coordinate with this company to ensure the papers your lender requires are in order, and you will probably}likely sign all these papers at this company's officeWe coordinate with the title company on your date of closing. Since you will not need to worry about these details, you get to think about moving, if you're going to repaint, new carpet, and all the details of moving into a new home.

You've answered some few questions, given us detailed information, applied online, and before you know it, you are moving in! Savers Home Loans is in the business of loans; you're not — so take care of the details. Makes sense, doesn't it??

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