Timeline of Events
Steps to Owning a Bannockburn, IL Home with a VA Loan

STEP 1: Pre-Qualify

It’s important to pre-qualify because it helps you know how much of a home you can afford. This is a step that no borrower should skip. It can help you narrow down your search for a home by eliminating the homes you can’t afford, saving you both time and money. Our Bannockburn, Illinois VA mortgage team can help you prequalify. We will ask you questions about your credit history and income and can even run a quick credit check (with your permission). We will also help you get together the documents that show that you qualify for a VA loan in Bannockburn, IL. Pre-qualifying doesn’t guarantee approval, but it gives you a good idea of what you can borrow if you are approved. It can also help you identify potential problems with your application and reduce unpleasant surprises.

STEP 2: GET PREAPPROVED

A pre-approval is like pre-qualification, but it takes the process a step further. Pre-approval verifies certain things about your finances. Pay stubs, employment history, tax returns, proof of real estate holdings, and bank and investment statements will be required for this step of the loan process.

  • Bank/investment statements
  • Employment history
  • Pay stubs
  • Proof of real estate holdings
  • Tax returns/W2s

Once all your documentation has been verified, you will receive a pre-approval letter. It will show that you’ve started the process of applying for a Bannockburn VA loan and will tell how much of a loan you can afford.

STEP 3: FIND A HOME AND MAKE AN OFFER

At this point, it’s time to begin your search for a Bannockburn home. You should work with a realtor to find a property that’s right for you and within your price range. Once you find the home that’s right for you, you’re ready to make an offer and work on negotiating a contract with the seller. It is essential that your real estate agent is familiar with VA loans in Bannockburn, IL  and can help you with the contract so that it works to your advantage. Once you’re under contract for a home, your loan officer will order an appraisal for the property. The VA assigns an appraiser to complete the job. Homes have to be move-in ready (with any problems fixed) before the loan closes. The VA has strict guidelines about the condition of homes purchased with a VA loan in Bannockburn, IL.

STEP 4: UNDERWRITING AND CLOSING At this point, the loan underwriter will verify your financial information and make sure that all the paperwork meets the VA’s guidelines for its loans. Once the loan is approved, you’ll set a closing date to sign the necessary paperwork and move in to your new Bannockburn home.

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    Bannockburn (Scottish Gaelic Allt a’ Bhonnaich) is a town immediately south of the city of Stirling in Scotland. It is named after the Bannock Burn, a burn (small stream) running through the town before flowing into the River Forth.

    Land in the vicinity of Bannockburn town, probably between the Pelstream and Bannock burns (hence Bannockburn),[1] was the site of the Battle of Bannockburn fought in 1314—one of the pivotal battles of the 13th/14th century Wars of Independence between the kingdoms of Scotland and England.[HES 1] A large monument and visitor centre is located near the site of the battle.[2] In previous generations tourists came to visit the site and look at the Borestone.[3][HES 2] The dignity of the barony of Bannockburn is currently held by Hope Vere Anderson a descendent of the Sandilands and Vere families of Sandilands and Lesmahagow, Lanarkshire who were the original Barons of Bannockburn in the 14th. century. In the year of 1746, after the Battle of Culloden, Bonny Prince Charlie stayed in Bannockburn House where he met the future mother of his child.