What to Expect During the Mortgage Process

Process Overview

Buying or refinancing a home is easier and you can feel more confident when you know what to expect. Here's a guide to our mortgage loan process. Your VACU mortgage team will assist you throughout.

 1. Getting started

Contact a mortgage loan officer directly and submit a request for to be contacted about a home purchase loan or refinance. Your loan officer is a mortgage expert who will answer all your questions and discuss options to help you find the right loan for you. They can meet with you by phone or schedule an appointment to meet with you at a branch.

2. Selecting the type of mortgage

Virginia Credit Union offers a variety of mortgage programs to fit members’ needs. Your mortgage loan officer will talk with you to learn about your individual situation and help you evaluate your options based on things such as:

Before you go home shopping, you should consider getting pre-qualified for a set loan amount. That way you can move quickly when you find the home you want. A pre-qualification letter is a tool that says to the seller you’re serious about your intent to buy.

3. Applying for your loan

You should apply as soon as you have made an offer that has been accepted and you have a fully executed sales contract. If you’re refinancing, you can apply for your loan any time you are ready to move forward.

To complete the application, your loan officer will gather additional information about you such as:

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Having all the necessary information when you apply saves time and helps your loan request move more quickly. Your mortgage loan officer will let you know what documents and information are needed.

Once you have submitted your application, a loan estimate disclosure package will be sent to you containing important information and documents for you to review, sign and return to proceed with the processing of your mortgage. This includes your authorization for us to collect an application deposit that will be applied toward the cost of your loan.

You can lock your loan rate once we’ve received your signed documents, application deposit, and fully executed sales contract if a purchase. Learn more about rate locks.