The Mortgage Loan Process: an Overview

There's quite a lot to do when you get a mortgage loan. You wouldn't be looking up loan information if it were possible to get a mortgage loan in a single day by filling out a simple application. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.

There are four primary steps involved in getting a loan.

Step one: Decide how much you can afford

A couple of factors determine this amount. What kind of monthly payment are you looking for? What is the maximum you can borrow from a lender, given your income and credit history? Use the calculators on our website to determine your monthly payment amount. 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: pre-qualify for your loan

This is where the rubber meets the road and Farm Credit of the Virginias can really save you money. You will provide information about your current job, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We pull your credit score and report. After we've reviewed the provided information, we'll give you a pre-qualificaiton letter. Your REALTOR® will use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for your new house with your REALTOR™, we find the best program for you.

Step three: apply now! We make it easy

Once you've made the offer and it's been accepted, you should apply for the loan. Applying for a loan could not get much easier; you can apply online right here on our site. Finally, we'll order an appraisal of your new home.

Step four: your loan is funded

Your real estate agent and the seller's will work together to find a title company to take care of the funding of your loan. We'll work with this company to make sure the papers your lender requires are avaiailable, and you will probably}likely sign all these papers at this company's officeWe do all the work to work with with the title company to set your closing date. Since you will not need to coordinate this process, you can think about moving logistics, if you're going to repaint, new carpet, and all the details of moving into your new house.

You've answered a few questions, provided lots of information, applied online, and Before you know it, you're moving! We take care of all the loan details so you can focus on finding your new home.

Have questions about the loan process? Call Farm Credit of the Virginias at (800) 919-3276. Farm Credit of the Virginias answers loan process questions every day.