How the Loan Process Works
There is no doubt ; getting a mortgage is a complicated process. You wouldn't be visiting our website if it were possible to fill out a simple loan application and receive 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 mortgage loan involves four major milestones.
Step one: Decide on your maximum loan amount
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 VSI Home Lending will start to save you money. You will provide information on your employment, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission. We will go over this info and give you a pre-qualification letter. Your real estate agent will likely use the 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 picking out your new home, we're busy finding the loan that's right for you.
Once you have signed an offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can apply online, right here on our website. After the seller has accepted your offer and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will work together to find a title company to take care of the funding of your loan once it has been approved. We'll work with this company to ensure the papers your lender will need are in order, and you will probably}likely sign everything at this company's officeWe do all the work to coordinate with the title company on your date of closing. Because you won't need to worry with this coordination, you can think about moving, painting, new carpet, and the details involved in getting your new house.
You've answered a few questions, given us lots of information, applied online, and before you know it, you are deciding when to move in! We take care of the 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 2603382561. VSI Home Lending answers loan process questions every day.