An Overview of the Loan Process
There's quite a lot involved in oder to get a mortgage loan. You would not be looking up loan information if you could get a mortgage loan in a single day with a simple application. But VSI Home Lending does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in obtaining a 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? 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 VSI Home Lending will begin saving you money. You will give us information about your employment, 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 (only after you give your permission, of course). After we have gone over all this information we provide a letter of pre-qualification. Your REALTOR® should use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're deciding on your new home, we're busy finding the loan that's just right for your situation.
Once you've made the offer and it's been accepted, it's time to complete the loan application. Applying for a loan couldn't be much easier; you can apply online right here on our site. Finally, we'll order the appraisal of your new home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" and closing of the sale. We'll work with this company to ensure all the papers your lender will need are avaiailable, and you'll probably}likely sign everything at their officeWe do all the work to coordinate with the title company to set your date to close. Since you will not have to worry with this coordination, you get to think about the move, if you're going to repaint, new carpet, and the fun parts of moving into your new house.
You've answered a few questions, provided lots of information, applied , and the next thing you know, you are moving in! We take care of all the loan details so you can spend your time finding your new home.
Have questions about the loan process? Call VSI Home Lending at (260) 338-2561. It's our job to answer lending questions, so we're happy to help!