About the Loan Process

There's no doubt ; getting a mortgage loan is a complex process. You would not be looking up loan information if you could get a 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.

Getting a mortgage loan involves four major milestones.

Step one: Decide on your maximum loan amount

This is a function of a couple things. 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? You can get a good idea of your preferred payment abount using the calculators on our website. 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 you save the most money. You will give us details about your employment, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We run your credit score and report. When we review all this information we provide a letter of pre-qualification. With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for the home that's right for you, we're busy finding the loan that's just right for your unique situation.

Step three: apply now! We make it easy

Once you've made an offer and it's been accepted, it's time to complete the loan application. It's very easy, and you can apply online, right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order the professional appraisal on the home.

Step four: funding

The agents will find a title company to handle the "funding" of the loan and closing. We'll coordinate with this company to make sure all the papers your lender requires are in order, and you will probably}likely sign all these papers at this company's officeWe do all the work to work with with this company to set your date of closing. Since you don't have to worry about these details, you get to think about moving logistics, paint colors, carpet, and all the details of moving into your new home.

You've answered a few questions, given us lots of information, applied online, and before you know it, you're deciding when to move in! We do the legwork 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. It's our job to answer lending questions, so we're happy to help!

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