How the Mortgage Loan Process Works
There's no question ; getting a mortgage loan is a complex process. You would not be looking up loan information if you could get a mortgage loan in one 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 mortgage loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. 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? Use the calculators on our website to determine your monthly payment amount. We'll also help you through different scenarios by asking a few simple questions. 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 step is where VSI Home Lending can begin to save you money. You will provide details on your employment, assets, and residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). After we've finished reviewing this information, we'll provide you with a pre-qualificaiton letter. Handle it with care — it is a useful tool for buying your new home! Your agent will likely use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for your new home, we're busy finding the loan that's just right for your situation.
Once you've made an offer and it's been 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. When the time is right, we'll order the appraisal of your new home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll coordinate with this company to ensure all the papers your lender will need are in order, and you will probably}likely sign everything at their officeWe coordinate with the title company to set your date to close. Since you will not need to coordinate this process, you can think about the move, if you're going to repaint, carpet, and all the details of moving into a new home.
You've answered some few questions, provided detailed information, applied online, and Before you know it, you'll be moving! VSI Home Lending is in the business of mortgage loans; you're not — so we do the work. Doesn't that sound nice?
Have questions about the loan process? Call VSI Home Lending at 2603382561. We answer questions about the loan process every day.