An Overview of the Loan Process
There's little question that getting a mortgage loan is a complicated process. You would not be researching mortgage loans if you could get a loan in one 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.
Getting a loan involves four major steps.
Step one: Decide how much you can afford
A couple of factors determine this amount. 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. 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 VSI Home Lending can start to save you money. You will supply information on your employment, assets, and residence history. You'll give us information on your employment, asset, and residence history. We run your credit score and report. After we've finished reviewing your information, we'll provide you with a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. 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
Once you have made the offer and the sellers have accepted, it's time to complete the loan application. Applying for your loan could not be much easier; you can apply from the comfort of your home right here on our site. When the time is right, we'll order an appraisal of your new home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" and closing. We'll coordinate with this company to ensure the papers your lender will need are in order, and you'll probably}likely sign all these papers at their officeWe do all the work to coordinate with the title company to set your date of closing. Since you won't need to worry about these details, you get to think about moving logistics, paint colors, new carpet, and the details involved in getting a new house.
You've answered some few questions, given us lots of information, applied online, and Before you know it, you'll be moving in! VSI Home Lending is a mortgage specialist; you're not — so take care of the details. Doesn't that make sense?
Have questions about the loan process? Call VSI Home Lending at (260) 338-2561. VSI Home Lending answers loan process questions every day.