The Loan Process
The Loan Process for VA and CalVet Home Loans
Applying for a VA or CalVet home loan can feel daunting, but I’m here to simplify the process and guide you through each step. My goal is to eliminate any confusion and keep you informed at every stage. Clear communication is the foundation of a smooth transaction. Unlike some lenders, who may leave you in the dark from the time you apply until closing, I ensure you are always in the loop. There’s nothing more stressful than not knowing what’s happening with your loan application.
Your Advocate from Start to Finish
When you work with me, I’ll be your primary point of contact throughout the entire process. I’m available almost every day, including evenings and weekends, by phone or email to promptly answer your questions. Since communication is a two-way street, I ask that you provide accurate information and respond to documentation requests in a timely manner. The loan process starts when we receive your secure online application and any requested items. Any delay in providing these documents can impact the timing of your loan approval and closing.
To make things more convenient, we use the latest technology, including secure online loan applications, electronic signatures for most disclosures, and a secure “MY ACCOUNT” feature for uploading your documents. If you’re not comfortable with online systems, I’m happy to arrange a face-to-face meeting to assist you with your application or collect your documents.
Here’s What You Can Expect During the Loan Process:
- Initial Discussion
Before submitting a loan application, it’s helpful to have a conversation to discuss your unique situation and address any specific issues that may need attention. This is an excellent opportunity to ask any initial questions about the process. We’ll determine whether you need a pre-approval or if you are already in a contract to purchase a home with a specific timeline to close escrow.
Most applications are submitted before a home is purchased. This is important because most professional realtors and sellers prefer working with buyers who have been pre-approved by a qualified lender. The approval process is similar whether you have found a home or are still searching, except for the appraisal. - Loan Application
The first step in the loan process involves submitting your basic income, asset, and employment information. This initial step is essential, and the requested documentation will be needed for your loan approval.
You can submit your application online through our secure server by clicking the “Apply Now” link on our homepage. If you prefer a paper application, you can request one by contacting me at dbullwinkel@emortgagecapital.com or by downloading it from the “FORMS” tab on our website. A paper application can also be used as a worksheet to help you gather your information for a more streamlined online application. If needed, we can discuss your application over the phone or meet in person. - Request for Documentation
In the “Loan Information” section of our website, you’ll find a basic checklist of the items required for most VA loan approvals. Depending on your situation, additional information may be needed, and we will request those items after reviewing your application. Your DD-214 (Final Discharge) is required early in the process to verify your military service and obtain your Certificate of Eligibility.Once you are under contract to purchase a home, you will receive initial disclosures required by law, which you will be asked to sign electronically via our secure DocuSign system. It’s crucial to sign and return these items promptly to avoid delays.
- The Verification Process
After your application is submitted, your credit will be reviewed, and we will determine if any additional documentation is needed. You will be notified of any requirements, and I will be available to discuss these with you and answer any questions. We will verify your employment, income, assets, and other documentation. - Locking Your Interest Rate
For most loan programs, you can lock in your interest rate anytime from application to the “clear to close” phase. To lock in a rate, you must have a submitted loan application with a property address and a specific escrow closing date. We also offer a “Lock and Roll” rate lock program that allows you to lock your rate for up to 90 days without a property address while you search for your new home. For new construction, we can lock your interest rate for up to a year once you’re in contract. For CalVet Loans, rates are usually locked when your DD-214 and initial documents are reviewed, with the best rate locked between that time and loan approval. - The Appraisal
Once you have an accepted purchase contract and your application has been reviewed, and initial disclosures have been signed and returned, we will order an appraisal of the property you are purchasing. The cost of the appraisal varies based on the location and value of the property, and you may need to pay for this upfront with a credit card. The appraisal must be ordered by your lender from an approved appraiser familiar with the area where your property is located. - Approval
If you apply before having an accepted purchase contract, we will issue a pre-approval after reviewing all documentation. For accepted purchase applications, your loan will be submitted for final underwriting, and the appraisal will be reviewed once it is received. - Closing
Once your loan is approved and all conditions are satisfied, you will receive an estimate of your charges and monthly payment to review within a specified timeframe. This is a critical stage in the loan process, as any changes could require adjustments to the estimate and potentially cause delays in closing. After your loan documents are signed and notarized, and the closing funds are verified as received by the escrow company, we will fund your loan. The title company typically records the deed within 24 hours of funding.