The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps

There's no doubt ; getting a mortgage loan is a complicated process. You wouldn't be researching mortgage loans if it were possible to get a mortgage loan in a single day by filling out a simple application. We do most of 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 how much you can afford

This is a function of a couple things. 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? 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: complete a pre-qualification

This is where the rubber meets the road and you save the most money. You will supply info on your employment, your assets, and residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission. After we've finished reviewing the provided information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it can be a great tool for buying your new home! 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 loan that best fits your needs.

Step three: apply for your loan

After you've signed an offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our website. After the seller has accepted your offer and you have applied for your loan, we will 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" and closing of the sale. We'll coordinate with this company to make sure all the papers your lender will require are avaiailable, and you will probably}likely sign all these papers at their officeWe do all the work to work with with the title company on your date of closing. Since you don't have to worry about these details, you get to concentrate on moving logistics, paint colors, new carpet, and all the details of moving into your new house.

You've answered some few questions, provided detailed information, applied , and Before you know it, you're moving in! We do the legwork so you can focus on finding the new home that's right for you.

Have questions about the loan process? Call VSI Home Lending at (260) 338-2561. We answer questions about the loan process every day.

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