No Hassle Home Purchase Loans
Whether you're a new home buyer looking for a first time mortgage or or a seasoned vetran looking for a home mortgage, there are hundreds of types of loan options available, each with their own qualification and terms.
Luckily, you don't have to face it alone. At MVP Lending, we understand that there is no one size fits all solution to home financing. Our experienced mortgage experts will work with you to find the best type of mortgagesfor your individual needs. For those buying a home, we offer free up-front credit approvals and fast on-time closings to make your loan as simple and easy as possible.
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The Home Purchase Loan Process
The mortgage loan process doesn't have to be difficult. Once you have made the decision to pursue applying for a mortgage loan with MVP Lending, your Mortgage Loan Originator will work with you to obtain the necessary documentation required for a loan decision to be made.
A pre-purchase home inspection, performed by a professional, is a visual examination of the readily-accessible areas of a home to provide an accurate evaluation of the home's condition at the inspection. This evaluation is presented to the buyer in a comprehensive report so buyers are fully informed of the home's condition during the mortgage loan process and prior to purchase. While a home inspection is not required, it is highly recommended.
Below is a summary of the mortgage loan process so that you will have a better understanding of what you can expect:
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This is the first step in the Loan process. At this stage, you will will be asked for items needed to submit for processing. This may include :
- Proof of ID & Address: Drivers License, Valid Passport, Permanent Resident Card
- Current Employment Information including Pay Stubs
- Credit reoort
- Bank statement and or Previous Loan Statement
Once this information is submitted to us, we review the documents and a pre-approval is made, allowing you to continue the process of buying your new home.
2. Loan Application
This is the second step of the loan process. In this step, you will be asked to comletly fill out a loan application. MVP Lending has moved to an digital application making this stage Paperless. Depending on our customer's needs, sometimes this application is paper-based. The collected data from your loan application will be used to custom taylor your specific loan product.
3. Application Processing
When your application has been completed, our underwriting team takes over the loan process. Underwriting checks your application taking a variety of things into account: credit score, risk score. This process is fully automated and integrates with Credit scoring engine’s (Transunion,, Equifax, and EXPERIAN). Underwriting guidelines are loaded based on your specific loan product.
4. Underwriting Process
In this step, your application is has been sent to our processing department and is reviewed for accuracy & Completeness. If all the required fields are not completed, one of out loan assistants will contact you to complete the missing information.
5. Credit Decision
Depending on the results from the underwriting process, an application will be approved, denied or sent back to the originator for additional information. If certain criteria’s don’t match according to the rule engine set in the system, there can be an automatic change in the parameters, such as reduced loan amount or different interest rates.
6. Quality Check
Since lending is highly regulated, the quality check stage of the loan process is critical to us. The application is sent to our quality control team, that analyze critical variables against internal and external rules and regulations. This is the last look at the application before it goes to funding.
7. Loan Funding
You will be asked to sign your loan documents and mMost loans fund shortly after the loan documents are signed. Second mortgage loans, Business loans, Loan against property and lines of credit may require additional time for legal and compliance reasons.
Are you in need of a loan? Get in touch with us.