Before you apply for a mortgage, you need to know your:
This information makes it much easier to figure out how much you can borrow or how much house you can afford. We offer a free pre-qualification service when buying your new home and we provide you a letter estimating your eligible borrowing amount.
You need to “prove” your eligibility for a mortgage. The following factors are considered in determining your borrowing eligibility:
The following income and employment information is generally required as part of the loan process:
There are several steps involved in approving your loan. At The Bank of Southside Virginia, we will take care of the following:
When all the I’s are dotted and the T’s are crossed, whether the house is ready to change hands or you are obtaining another type of home, you can breathe easily. At this stage in the mortgage process, the realtors, BSV or other party work together to close, or settle, the transaction.
At the closing may be:
Making arrangements to keep the financial commitments you made in buying the house can be a challenge. After closing, your loan servicer should provide you with the following:
Here are a few hints that can help you increase your future purchasing power:
All mortgage loans are subject to credit approval, verification, collateral evaluation and eligibility. Rates change daily and can only be guaranteed when a rate lock has been issued. Programs, terms and conditions are subject to change without notice.
) as possible: