The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps

There's a lot to do when you get a mortgage. You wouldn't be researching mortgage loans if it were possible to get a loan in one day with a simple application. But VSI Home Lending does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

There are four main steps involved in getting 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? You can get a good idea of your preferred payment abount using the calculators on our website. We'll also help you through different scenarios by asking a few simple questions. 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 info about your employment, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We run your credit score and report. After we've reviewed this information, we'll give you a pre-qualificaiton letter. Handle it with care — it is a useful tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for the home that's right for you, we're busy finding the loan that's right for you.

Step three: apply for your loan

Once you've made the offer and it's been accepted, it's time to complete the loan application. Applying for your loan couldn't get much easier; you can apply any time right here on our site. After the offer has been accepted and you have applied for your loan, we'll order a professional appraisal on the home.

Step four: funding

The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll coordinate with this company to make sure all the papers your lender will require are in order, and you'll probably}likely sign everything at this company's officeWe coordinate with this company to set your closing date. Since you don't need to worry about these details, you can think about moving, if you're going to repaint, new carpet, and the fun parts of moving into a new house.

You've answered some few questions, given us lots of information, applied online, and the next thing you know, you are deciding when to move in! VSI Home Lending is a mortgage specialist; 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. VSI Home Lending answers loan process questions every day.

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