How the Loan Process Works
There is no doubt that getting a mortgage loan is a complicated process. You wouldn't be researching mortgage loans if you could get a mortgage loan in one day with a simple application. We do 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 getting a mortgage loan.
Step one: determine how much you can borrow
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. 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 process really begins and VSI Home Lending can really save you money. You will give us details on your current job, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We get your permission to run your credit score and report. After we've finished reviewing this information, we'll give you a pre-qualificaiton letter. Handle it with care — it can be a great 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 home, we are looking for the loan that best fits your needs.
Step three: apply now! We make it easy
After you've made an offer and the sellers have accepted, you should apply for the loan. Applying for your loan could not be much easier; you can apply any time right here on our site. At the end of this step, we'll order the appraisal of your new home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll coordinate with this company to make sure all the papers your lender will require are avaiailable, and you'll probably}likely sign everything at this company's officeWe coordinate with the title company on your closing date. Because you don't need to coordinate this process, you can think about moving, painting, carpet, and the details involved in moving into your new home.
You've answered some few questions, given us lots of information, applied , and Before you know it, you're moving! VSI Home Lending is in the business of mortgage loans; you're not — so we 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.