Loan Process | VRM Lending LLC

See If You Can Get Pre-Qualified For a Loan

Pre-Qualify for a Loan

The Pre-qualification process is the beginning stage of a loan application. Once your loan officer has gathered information about your income, assets, and debts, a determination can be made as to how much of a loan you may be able to afford.* *A consumer is not obligated to provide verification documents prior to receiving Loan Estimate and indicating an intent to proceed.

The Pre-Qualification only requires that a loan officer verbally receive the required information. This information will then be relayed to the underwriter to review. It is important to remember that there are no rules carved in stone. Each applicant is handled on a case-by-case basis. If you come up a little short in one area, your stronger points could make up for the weak one.

Find the Ideal House

Look online, work with a realtor, or search VRMProperties.com for properties hosted by VRM Mortgage Services, Inc., our sister company with the exclusive rights to sell VA Vendee™ eligible properties.

The Application

The application is the next step of the loan process. A loan application consists of the following: (1) Your name, (2) Your income, (3) Your Social Security number (and authorization to check your credit), (4) The address of the home you plan to purchase, (5) An estimate of the home’s value and (6) The loan amount you want to borrow. Once your Loan Officer has received this information, you will receive an Initial Disclosure Package that details the loan program and estimated costs associated with the program along with the Federal and State required disclosures. Once you acknowledge the ‘Intent to Proceed’, your Loan Officer will request the necessary supporting documents. When the Loan Officer receives these documents, your file will be sent to the loan processor to review and then route to underwriting for an initial decision.

The Home Stretch: Processing

Once the application has been submitted, the processing of the mortgage begins. The Processor orders the Credit Report if it has not already been ordered and other third party information required to submit to underwriting for a decision. The entire mortgage package is then put together for submission to the underwriter. At this time the processor will also order the appraisal on the property.

Underwriting

Once the processor has put together a complete package with all verifications and documentation, the file is sent to the underwriter for an initial decision. The underwriter is responsible for determining whether the package is deemed an acceptable loan. If additional documentation is required, our underwriter will condition for those items and will work with the processor to obtain the additional information needed. Read our blog post on underwriting to learn more about the underwriting process.

Closing Disclosure

If the underwriter makes an initial decision to conditionally approve the application, the Closing Disclosure is usually issued. The Closing Disclosure is a five-page form that provides final details about the mortgage loan you have selected. It includes the loan terms, your projected monthly payments, and how much you will pay in fees and other costs to get your mortgage (closing costs).

We are required by law to give you the Closing Disclosure at least three business days before you close on your mortgage loan. This three-day window allows you time to compare your final terms and costs to those listed on the Loan Estimate. The three days also gives you time to ask us any questions before you go to the closing table.

The Final Step: Closing

If all conditions are cleared, the file is transferred to the closing and funding department. The closing agent then schedules a time for you to sign the loan closing documents.

At Closing, you should:

Bring a cashier’s check for your down payment and closing costs if required. Personal checks are normally not accepted.
Review the final loan documents. Make sure that the interest rate and loan terms are what you agreed upon. Also, verify that the names and address on the loan documents are accurate.
Sign the loan documents.

After the documents are signed, the closing agent returns the documents to the lender who examines them and, if everything is in order, arranges for the funding of the loan.

Congratulations on your new home!

Please note that the information provided on this page is a summary of the mortgage application process and is intended for general guidance only. It does not encompass all the specific details, terms, conditions, or requirements of our mortgage lending process. Each application is subject to individual assessment and approval.