The Loan Process: an Overview
There's quite a lot involved in oder to get a mortgage loan. You wouldn't be here on our site if it were possible to fill out a one-page loan application and receive a great loan check cut in one day. But VSI Home Lending does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major milestones.
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? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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 the rubber meets the road and VSI Home Lending can really save you money. You will provide information about your employment, your assets, and residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission. When we review this info we will give you a letter of pre-qualification. Be careful with this letter — it is a useful tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for your new house with your real estate agent, we find the best program for you.
After you've signed the offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can apply online, right here on our site. At the end of this step, we will order an appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will work together to designate a title company to take care of the funding of your loan. We'll work with this company to make sure all the papers your lender will require are avaiailable, and you will probably}likely sign everything at this company's officeWe work with with this company on your closing date. Since you will not need to worry about these details, you get to think about the move, if you're going to repaint, carpet, and the details involved in moving into your new home.
You've answered a few questions, provided detailed information, applied , and the next thing you know, you are moving in! We take care of all the loan details so you can focus on finding your new home.
Have questions about the loan process? Call VSI Home Lending at 2603382561. We answer questions about the loan process every day.