An Overview of the Loan Process
There is little doubt ; getting a mortgage loan is a complicated process. You wouldn't be here on our site if you could fill out a one-page loan app and get the best loan check cut in one 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 milestones.
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. 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 the rubber meets the road and you save the most money. You will provide details about your current job, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We pull your credit score and report. After we've finished reviewing your information, we'll give you a pre-qualificaiton letter. Your agent will likely use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're looking for your new home with your agent, we find the best program for you.
Once you have made an offer and the sellers have accepted, you should apply for the loan. Applying for your loan could not be much easier; you can apply online right here on our site. After the offer has been accepted and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to ensure all the papers your lender will require are in order, and you'll probably}likely sign everything at this company's officeWe coordinate with the title company on your date of closing. Because you don't have to worry about these details, you can concentrate on moving, painting, new carpet, and the details involved in moving into a new home.
You've answered a few questions, provided lots of information, applied , and the next thing you know, you're moving in! We take care of the mortgage legwork 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. It's our job to answer lending questions, so we're happy to help!