The Mortgage Loan Process: an Overview
There's no doubt ; getting a mortgage loan is a complicated process. You wouldn't be here on our site if you could fill out a simple loan application and get the best loan check cut the same 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? 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: complete a pre-qualification
This is where the rubber meets the road and VSI Home Lending can really save you money. You will give us details on 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 have gone over this information we provide a letter of pre-qualification. Be careful with this letter — it is a great tool when you make your offer! Your agent will 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 deciding on your new home, 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 complete the loan application. Applying for your loan could not get much easier; you can apply online right here on our site. At the end of this step, we'll order an appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will coordinate to designate a title company to take care of the funding of your loan. We'll work with this company to make sure the papers your lender requires are avaiailable, and you'll probably}likely sign all these papers at their officeWe coordinate with this company on your closing date. Since you will not need to worry about these details, you can think about moving logistics, painting, new carpet, and all the details of getting a new home.
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! VSI Home Lending is in the business of mortgage loans; you're not — so we do the work. Doesn't that sound nice?
Have questions about the loan process? Call VSI Home Lending at 2603382561. We answer questions about the loan process every day.