The Mortgage Loan Process: an Overview
There is little question that getting a mortgage loan is a complex process. You would not be looking up loan information if it were possible to get a mortgage loan in a single day by filling out a simple application. 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: determine how much you can borrow
This is a function of a couple things. 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. 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: complete a pre-qualification
This is where VSI Home Lending can begin to save you money. You will give us details on your employment, assets, and your residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (with your permission. After we've finished reviewing your information, we'll give you a pre-qualificaiton letter. Your agent will use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're deciding on the home that's right for you, we're busy finding the loan program that's just right for you.
Once you've made an offer and it's been accepted, you should apply for the loan. Applying for a loan could not be much easier; you can apply from the comfort of your home right here on our site. After the offer has been accepted and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the "funding" and closing. We'll work with this company to ensure all the papers your lender needs are avaiailable, and you'll probably}likely sign all these papers at their officeWe do all the work to coordinate with this company on your date to close. Since you won't have to worry about these details, you can think about moving logistics, if you're going to repaint, new carpet, and all the details of getting a new house.
You've answered some few questions, given us lots of information, applied online, and the next thing you know, you're deciding when to move in! We take care of the loan details so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call VSI Home Lending at (260) 338-2561. VSI Home Lending answers loan process questions every day.