The Mortgage Loan Process: an Overview
There can be little question ; getting a mortgage is a complicated process. You wouldn't be visiting our site if you could complete a one-page application and receive the best loan funded in one day. 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 getting a loan.
Step one: Decide how much you can afford
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? You can get a good idea of your preferred payment abount using the calculators on our website. 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: pre-qualify for your loan
This is where VSI Home Lending can begin saving you money. You will supply details on your employment, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We get your permission to pull your credit score and report. We will review this information then 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 deciding on the home that's right for you, we're busy researching the loan program that's right for your unique situation.
Once you have made an offer and the sellers accept it, you should apply for the loan. It's very easy, and you can do it online, right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order a professional appraisal on the 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 make sure all the papers your lender requires are avaiailable, and you will probably}likely sign all these papers at this company's officeWe work with with the title company on your date to close. Since you won't need to worry about these details, you can think about moving, if you're going to repaint, carpet, and the fun parts of moving into a new home.
You've answered some few questions, provided detailed information, applied online, and the next thing you know, you're deciding when to move in! We take care of the loan details so you can focus on finding your new home.
Have questions about the loan process? Call VSI Home Lending at (260) 338-2561. VSI Home Lending answers loan process questions every day.