The Loan Process: an Overview
There is little question ; getting a mortgage is a complicated process. You wouldn't be here on our website if it were possible to complete a one-page loan app and receive the best loan funded the same 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 steps.
Step one: Decide how much you can afford
A couple of factors determine this amount. What kind of monthly payment are you looking for? 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 VSI Home Lending can really save you money. You will give us info on your current job, assets, and your residence history. You'll provide your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we've reviewed the provided information, we'll give you a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're picking out the home that's right for you, we're busy researching the loan program that's right for your unique situation.
Step three: apply now! We make it easy
Once you've made the offer and the sellers have accepted, it's time to complete the loan application. It couldn't be easier, and you can do it 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: funding
The real estate agents will find a title company to handle the "funding" of the loan and closing. We'll coordinate with this company to ensure all the papers your lender will need are avaiailable, and you'll probably}likely sign all these papers at their officeWe do all the work to coordinate with this company to set your date to close. Since you will not have to worry about these details, you can think about moving logistics, if you're going to repaint, carpet, and the details involved in getting a new house.
You've answered a few questions, provided detailed information, applied , and Before you know it, you'll be moving! We take care of all 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 (260) 338-2561. It's our job to answer lending questions, so we're happy to help!