Timeline of Events
Steps to Owning a Cambria, 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 Cambria, 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 Cambria, 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 Cambria 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 Cambria 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 Cambria, 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 Cambria, 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 Cambria home.
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I received two quotes from popular VA lenders. My wife wanted work with a local company so we reached out to Smart Mortgage Centers based on their reviews. When we received our quote we almost couldnt believe the difference. After getting it in writing we went with Smart Mortgage and the rest is history. Online application was simple and the communication with Jon and his team was flawless. Thank you Again!
Im Paying Less Now Than Rent!
These guys are the best. We now live in our dream home thanks to Brian and the guys at Smart Mortgage Centers. Im paying less now than I was to rent! We couldnt possibly be happier with the service. Brian worked tirelessly on our case until the job got done.
Excellent From Start To Finish!
We had Brian T and he was excellent from start to finish. Even with having to change the closing 3 times because of the sellers he kept us informed of everything that was going on so I wouldn’t have any surprises. I would recommend them to anyone. We had an excellent time especially since we live in Jacksonville and he in another part of Florida.
The Best Experience I Have Ever Had!!!
The best experience I have ever had!!! We were clear to close in less than 20 days. Brian gave us a better rate than everyone else we had talked too and made the process feel effortless! Brain T. thank you for all your help and we are telling everyone we know to come talk you at Smart Mortgage Centers!
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Cambria is a name for Wales, being the Latinised form of the Welsh name for the country, Cymru. The term was not in use during the Roman period (when Wales had not come into existence as a distinct entity). It emerged later, in the medieval period, after the Anglo-Saxon settlement of much of Britain led to a territorial distinction between the new Anglo-Saxon kingdoms (which would become England) and the remaining Celtic British kingdoms (which would become Wales). Latin being the primary language of scholarship in Western Christendom, writers needed a term to refer to the Celtic British territory and coined Cambria based on the Welsh name for it.
The Welsh word Cymru (Wales), along with Cymry (Welsh people), was falsely supposed by 17th-century celticists to be connected to the Biblical Gomer, or to the Cimbri or the Cimmerians of Antiquity. In reality it is descended from the Brittonic word combrogi, meaning “fellow-countrymen”. The term thus conveys something like “[land of] fellow-countrymen”. The use of Cymry as a self-designation seems to have arisen in the post-Roman Era, to refer collectively to the Brythonic peoples of Britain, inhabiting what are now Wales, Cornwall, Northern England, and Southern Scotland. It came into use as a self-description probably before the 7th century
and is attested in a praise poem to Cadwallon ap Cadfan (Moliant Cadwallon, by Afan Ferddig) c. 633. In Welsh literature, the word Cymry was used throughout the Middle Ages to describe the Welsh, though the older, more generic term Brythoniaid continued to be used to describe any of the Britonnic peoples (including the Welsh) and was the more common literary term until c. 1100. Thereafter Cymry prevailed as a reference to the Welsh. Until c. 1560 the word was spelt Kymry or Cymry, regardless of whether it referred to the people or the country. The Latinised form Cambria was coined in the Middle Ages, and was used regularly by Geoffrey of Monmouth.