How the Mortgage Loan Process Works
Make no mistake, there's quite a lot involved in oder to get a mortgage loan. You wouldn't be here on our website if it were possible to fill out a simple loan application and get a great loan check cut in one day. 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 obtaining a 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? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? Use the calculators on our website to determine your monthly payment amount. 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 provide information about your current job, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission. When we review all this info we will provide a pre-qualification letter. Handle it with care — it can be 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 looking for your new home with your agent, we find the best program for you.
Step three: apply now! We make it easy
Once you've made an offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan could not get much easier; you can apply right here on our site. After the offer has been accepted and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will coordinate to designate an escrow/title company to handle the funding of your loan once it's approved. We'll coordinate with this company to make sure the papers your lender needs are avaiailable, and you will probably}likely sign everything at their officeWe work with with this company to set your date to close. Because you will not have to coordinate this process, you get to think about the move, if you're going to repaint, new carpet, and the fun parts of getting a new home.
You've answered a few questions, provided detailed information, applied online, and Before you know it, you'll be moving! VSI Home Lending is in the business of 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. It's our job to answer lending questions, so we're happy to help!