An Overview of the Loan Process

There's quite a lot to do when you get a mortgage loan. You wouldn't be looking up loan information 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 main steps involved in obtaining a loan.

Step one: Decide on your maximum loan amount

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. 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: complete a pre-qualification

This is where the rubber meets the road and VSI Home Lending can really save you money. You will give us details about your current job, assets, and residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (with your permission. After we have gone over this information we will give you a letter of pre-qualification. Your REALTOR® will likely use your pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're looking for your new house with your agent, we find the best program for you.

Step three: apply for your loan

Once you have made 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 site. Finally, we'll order an appraisal of your new home.

Step four: funding

The real estate agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to ensure the papers your lender requires are avaiailable, and you will probably}likely sign everything at their officeWe do all the work to coordinate with this company on your date of closing. Since you don't need to coordinate this process, you get to think about the move, paint colors, carpet, and the fun parts of getting a new house.

You've answered some few questions, given us lots of information, applied , and the next thing you know, you're moving in! VSI Home Lending 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 VSI Home Lending at (260) 338-2561. We answer questions about the loan process every day.

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