How It Works
Refinance or purchase, this is your vLoan process in four simple steps.TAKE THE FIRST STEP
1. Get Your Rate
Answer 10 questions about the house you’d like to purchase or refinance, down payment and credit history. vLoan tells you what interest rate, monthly payments and closing costs you can expect to pay for your mortgage.*
It doesn’t affect your credit
Getting a rate quote with vLoan does not affect your credit. With accurate credit and property info from you, we can build a rate quote that reflects what you can expect without pulling a credit report.**
WHY YOU SHOULD GET ONE
While selecting the right lender isn’t simply about numbers, the down payment you’re ready to make and interest rate you pay factor into how much house can afford and what kind of loan we’ll recommend you use.
IT TAKES LESS THAN 3 MINUTES
Whether you use our online Rate Quote tool (it’s free!) yourself or walk through it with your mortgage advisor (also free!), getting your rate quote takes no time at all.
2. Apply Online
If you completed a rate quote, we’ll verify the info you’ve already provided. That’s when things get official. Your mortgage advisor will pull your credit history, collect details about your finances and the property you’re buying (or refinancing) to verify your qualifying rate and terms. Your mortgage advisor will be your single point of contact until the end.
UPLOAD YOUR DOCUMENTS
Your mortgage application is unique. While you can expect to provide documentation that verifies your income, employment and assets (think paystubs, offer letters, bank statements, tax returns), your mortgage advisor will tell you exactly what documents you need to upload, and where, before we move your application to the underwriters.
As your mortgage application is evaluated by our underwriting team, your mortgage advisor will keep you updated about what’s happening, any news or additional requirements to process your application.
3. You're Approved!
Let us be the first to congratulate you! You’re one step closer to purchasing or refinancing your home with vLoan.*** Pretty much the second it happens, your mortgage advisor will contact you to let you know you’ve been approved!
WHAT HAPPENS NEXT
When your mortgage advisor delivers the good news, s/he will outline the closing process, including what needs to be reviewed, signed and paid, when, where and how.
4. Close on Time
HOW IT WORKS
With your loan approved, your mortgage advisor tell you the amount you’ll need to pay for down payment and closing costs (via certified check). Documents to transfer the property to you will be thoroughly reviewed, and then you (the buyer) and the seller will be scheduled, separately, to sign and finalize the transfer.
WHAT TO PREPARE
Your mortgage advisor will work with you and a closing agent to arrange a date to sign your closing documents and make your mortgage official. Submit all documents and complete all tasks on schedule and you can close in as few as 21 days from completion of your application.
WHERE DO YOU SIGN?
Your mortgage advisor will work with you and a closing agent to arrange a date to sign your closing documents and provide your down payment and closing costs. Depending on your state and loan type, you may be able to electronically review and sign your closing documents.
READY TO START?
*Your rate quote is not a guarantee of the rate you will receive for your mortgage. It is an estimate of the interest rate you can expect to pay for your mortgage based on the information you have provided. Rate may change upon verification or market changes.
**The vLoan Rate Quote tool does not pull your credit to preview your interest rate or test different scenarios. Before you can lock your rate, however, your vLoan mortgage advisor will pull your credit for verification purposes, which may affect your credit score.
***Approval contingent on review of borrower’s application, which includes credit history, income, employment history, assets, property value and other factors. Application is not a guarantee of approval. For more information about what is considered and reviewed in the application process, please contact us.