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 the friendly mortgage loan officers at Virginia Credit Union. 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. An initial disclosure package, which includes a loan estimate, 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 starts the mortgage process.
Loan Processing Once your mortgage loan officer 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 a conditional approval as soon as it is available. Once final approval is given, your loan will be prepared for closing. Document Preparation And Loan Closing Before your closing with a Virginia Statewide Title Services (VSTS) attorney, the lender’s closing department 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 receive and those you may need to provide for closing. They will also prepare your loan documents and send them to the settlement attorney handling your closing.
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