The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
There can be little question ; getting a mortgage loan is a complicated process. You wouldn't be visiting our site if you could fill out a one-page loan app and get the best loan check cut the same day. But VSI Home Lending does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major steps.
Step one: Decide how much you can afford
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? 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: pre-qualify for your loan
This is where the process really begins and you save the most money. You will give us information on your current job, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). When we review all this info we provide a pre-qualification letter. Your agent will likely use your pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for your new house with your REALTOR™, we find the best program for you.
Once you have made the offer and the sellers accept it, it's time to apply for the loan. It's very easy, and you can do it online, right here on our website. When the time is right, we will order the appraisal of your new home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to ensure all the papers your lender needs are in order, and you'll probably}likely sign everything at their officeWe coordinate with this company to set your date to close. Since you won't need to worry with this coordination, you get to concentrate on moving logistics, if you're going to repaint, 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 are deciding when to move in! VSI Home Lending is a mortgage specialist; 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 2603382561. It's our job to answer lending questions, so we're happy to help!