The Loan Process: an Overview
No doubt, a lot involved when you get a mortgage. You wouldn't be visiting our site if you could fill out a one-page loan app and receive a great loan check cut the same day. But VSI Home Lending does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four primary steps involved in getting a mortgage loan.
Step one: determine how much you can borrow
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? Use the calculators on our website to determine your monthly payment amount. We'll also help you through different scenarios by asking a few simple questions. 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: pre-qualify for your loan
This is where VSI Home Lending can start to save you money. You will give us details about your current job, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We run your credit score and report. After we've reviewed your information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it can be a great tool for buying your new home! Your real estate agent should use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're looking for a new home with your agent, we find the best program for you.
Once you have made the offer and the sellers accept it, it's time to apply for the loan. Applying for your loan could not be much easier; you can apply online right here on our site. At the end of this step, we will order an appraisal of your new home.
Step four: funding
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 make sure all the papers your lender will need are avaiailable, and you will probably}likely sign all these papers at their officeWe do all the work to coordinate with this company on your date to close. Because you will not need to worry with this coordination, you get to think about the move, paint colors, new carpet, and the fun parts of moving into a new house.
You've answered a few questions, provided detailed information, applied , and the next thing you know, you're moving in! We take care of 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 2603382561. We answer questions about the loan process every day.