The Mortgage Loan Process: an Overview
There is little doubt ; getting a mortgage is a complex process. You wouldn't be here on our website if you could fill out a simple application and receive an excellent loan funded the same day. But VSI Home Lending does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important 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? 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. 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: pre-qualify for your loan
This is where VSI Home Lending will start to save you money. You will supply information about your employment, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We run your credit score and report. After we've reviewed your information, we'll provide a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for the home that's right for you, we're busy finding the loan program that's just right for you.
After you've made the offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can apply online, right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order a professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to decide on a title company to handle the funding of your loan. We'll coordinate with this company to ensure all the papers your lender will require are avaiailable, and you will probably}likely sign everything at their officeWe coordinate with this company to set your date of closing. Since you don't need to worry about these details, you get to think about the move, painting, carpet, and the fun parts of moving into your new house.
You've answered a few questions, given us detailed information, applied online, and before you know it, you are deciding when to move in! VSI Home Lending is in the business of mortgage loans; you're not — so take care of the details. Doesn't that make sense?
Have questions about the loan process? Call VSI Home Lending at 2603382561. VSI Home Lending answers loan process questions every day.