The Mortgage Loan Process: an Overview
There's little question that getting a mortgage loan is a complicated process. You wouldn't be here on our site if it were possible to complete a one-page loan app and get a great loan funded the same day. 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 obtaining a 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? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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 VSI Home Lending can begin saving you money. You will supply info about your current job, assets, and your 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, of course). After we've reviewed your information, we'll provide a pre-qualificaiton letter. Handle it with care — it is a useful tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're picking out the home that's right for you, we're busy researching the loan that's just right for your unique situation.
Once you have made an offer and it's been accepted, you should complete the loan application. Applying for a loan could not get much easier; you can apply online right here on our site. After the seller has accepted your offer and you have applied for your loan, we will order a professional appraisal on the home.
Step four: funding
The real estate 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 require are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe work with with this company on your date of closing. Because you won't need to coordinate this process, you get to concentrate on moving logistics, paint colors, carpet, and the details involved in getting a new home.
You've answered some few questions, given us lots of information, applied , and the next thing you know, you're 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 (260) 338-2561. It's our job to answer lending questions, so we're happy to help!