How the Loan Process Works
There can be no question that getting a mortgage loan is a complex process. You would not be researching mortgage loans if you could 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.
Getting a loan involves four major milestones.
Step one: Decide on your maximum loan amount
This is a function of a couple things. How much of a monthly payment can you afford? What is the maximum you can borrow from a lender, given your income and credit history? 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 process really begins and VSI Home Lending can really save you money. You will provide information on your current job, assets, and residence history. You'll provide your employment, asset, and residence history information. We will pull get your credit report and score (with your permission, of course). After we've reviewed the provided information, we'll provide a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're looking for your new house with your agent, we find the best program for you.
Step three: apply now! We make it easy
Once you've made an offer and it's been accepted, you should apply for the loan. Applying for your loan could not be much easier; you can apply from the comfort of your home right here on our site. After the offer has been accepted and you have applied for your loan, we will order the professional appraisal on the home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll work with this company to ensure all the papers your lender requires are in order, and you'll probably}likely sign all these papers at their officeWe work with with this company to set your date to close. Since you will not have to worry with this coordination, you can think about the move, painting, new carpet, and the fun parts of getting your new house.
You've answered a few questions, provided lots of information, applied , and Before you know it, you'll be moving in! VSI Home Lending is a mortgage specialist; you're not — so we take care of the details. 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.