How the Mortgage Loan Process Works

Make no mistake, there's a lot involved when you get a mortgage. You wouldn't be visiting our site if you could fill out a simple loan application and get a great loan funded in one 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.

Getting a loan involves four major milestones.

Step one: Decide on your maximum loan amount

This is a function of a couple things. What kind of monthly payment are you looking for? 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 the process really begins and VSI Home Lending can really save you money. You will provide details about your current job, assets, and residence history. You'll give us information on your employment, asset, and residence history. We get your permission to pull your credit score and report. After we've reviewed your information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it is a useful tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for your new home, we're busy finding the loan program that's just right for you.

Step three: apply now! We make it easy

After you've signed an offer and the sellers accept it, you should apply for the loan. Applying for a loan couldn't be much easier; you can apply online right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order a professional appraisal on the home.

Step four: your loan is funded

The real estate agents will find an escrow/title company to handle the "funding" and closing. We'll coordinate with this company to make sure the papers your lender will require are avaiailable, and you will probably}likely sign everything at their officeWe work with with the title company on your closing date. Because you won't need to coordinate this process, you get to think about the move, if you're going to repaint, carpet, and the fun parts of getting your new house.

You've answered some few questions, provided detailed information, applied online, and Before you know it, you're moving in! We take care of the loan details so you can spend your time finding the new home that's right for you.

Have questions about the loan process? Call VSI Home Lending at 2603382561. VSI Home Lending answers loan process questions every day.