How the Mortgage Loan Process Works

There can be little doubt that getting a mortgage loan is a complex process. You wouldn't be here on our site if you could fill out a simple application and receive an excellent loan check cut the same day. But VALoansMN.com does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

There are four important steps involved in obtaining a mortgage loan.

Step one: determine how much you can borrow

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. 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 the process really begins and VALoansMN.com can really save you money. You will give us info on your current job, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We pull your credit score and report. We'll go over this information and will provide a pre-qualification letter. Your real estate agent will use the pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're looking for a new home with your REALTOR™, we find the best program for you.

Step three: apply for your loan

Once you've made an offer and the sellers have accepted, you should complete the loan application. It couldn't be easier, and you can apply online, right here on our website. When the time is right, we'll order the appraisal of your new home.

Step four: your loan is funded

Your REALTOR® and the seller's will work together to designate an escrow/title company to handle the funding of your loan. We'll coordinate with this company to make sure all the papers your lender needs are avaiailable, and you'll probably}likely sign everything at this company's officeWe do all the work to work with with this company on your closing date. Since you don't need to worry about these details, you can think about the move, painting, new carpet, and the details involved in getting a new house.

You've answered a few questions, given us detailed information, applied , and before you know it, you're deciding when to move in! We take care of the loan details so you can focus on finding the new home that's right for you.

Have questions about the loan process? Call VALoansMN.com at (612) 240-9922. We answer questions about the loan process every day.

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