Financing 101: A step-by-step guide.
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Choose Your Lender You can select your own financing partner, or we can put you directly in contact with our friendly lenders at Virginia Credit Union.
Loan Processing Once your lender has your signed documents and application deposit to proceed, they will order an appraisal and preliminary title work for the property. Guiding you through this stage of the process will be your loan processor, who will work closely with your loan officer. Underwriting And Loan Decision The loan decision involves reviewing the property, your loan application information and documentation, the amount you are requesting and the specific loan program requirements based on your income, debts and assets. You will be notified of the decision as soon as it is available. Once final approval is given, your loan will be prepared for closing. Before your closing with a settlement agent or attorney, they will prepare and send you an initial closing disclosure for your review. This is a statement of loan terms and closing costs, which includes funds you will be receiving and those you may need to provide for closing. They will also prepare your loan documents and send them to the settlement agent/ attorney handling your closing. Document Preparation And Loan Closing
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Select The Type Of Mortgage Your mortgage loan officer will talk with you to learn about your individual situation and help you evaluate your options. You should consider getting pre-qualified for a set loan amount. A pre-qualification letter is an important tool that says to the seller you’re serious about your intent to buy. Apply For Your Loan You should apply as soon as you have a ratified sales contract. A loan estimate disclosure package will be sent to you containing important information and documents for you to review, sign and return to proceed with the processing of your mortgage. This includes your authorization to collect an application deposit that will be applied toward the cost of your loan.
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