Frequently Asked Questions

Applying

To get started on buying a home, first tell us a bit about what your looking for. You can also call us at (571) 830-2800 to reach one of our loan professionals, or you can contact someone here.

To get started on refinancing your home, please first tell us a bit about what your looking for. You can also call us at (571) 830-2800 to reach one of our loan professionals, or you can contact someone here.

Yes, our digital home loan application platform is extremely secure. At Vellum Mortgage we value your privacy and strongly believe in protecting the confidentiality and security of the information that you provide during your application process. All data is transferred over a secure network.

If you are thinking about buying a home, the following guidelines will help you prepare.

Do:

  • Make and stick to a budget
  • Pay all your monthly bills on time
  • Locate and organize income, W-2, and tax information
  • Gather your bank and investment statements
  • Check with your loan officer regarding anything related to your current financial situation
  • Get a Verified Pre-Approval

Don’t:

  • Change jobs, become self-employed or quit your job
  • Change banks
  • Use credit cards excessively or let accounts fall behind
  • Omit debts or liabilities from your loan application
  • Buy furniture or appliances
  • Buy a car, boat or anything else with a motor
  • Co-sign for any loans for anyone
  • Apply for new credit or allow credit inquiries
  • Make large deposits or withdrawals without speaking to your loan officer
  • Spend money you need to set aside for closing

These are two often confused terms in the home buying process. A Pre-Qualification is simply an estimate of how much home you can afford and how much money a lender would be willing to loan you. A Pre-Approval is a tentative commitment from a specific lender for mortgage funding. Please note that a Pre-Approval is not a guarantee that you will be approved for a mortgage. The funding will only be given when the property appraisal, title search and other verifications check out on the home you have chosen to buy. If you’d like to start the home buying or refinancing process. A great place to start is to get a Verified Pre-Approval from Vellum.

During the pandemic, we believe it is critical for Vellum to be able to serve our customers. Our team is fully equipped to work remotely while still provided all of our regular services until it is safe to return to normal operations.

Yes, we provide a digital application platform that allows you to start and complete your mortgage from the comfort of your home. Your Loan Officer will also be there to answer your questions throughout the process, from start to close.

Homebuying

To get started on buying a home, click here.

There is no need to be fearful of the mortgage process. Vellum Mortgage was founded by loan officers that have worked extremely hard to make our mortgage process as simple and stress free as possible. Plus, your loan officer will lead you through the entire process one step at at time and answer all of your questions along the way. There’s really no need to worry when you have experience loan officers, underwriters and processors working on your loan and they are using the best technology around.

We understand that the decision to buy a home is big, but you don’t have to make the decision on your own. We have a team of highly qualified loan professionals who are ready to help you by providing relevant information and loan options that may work for you. This can help you figure out if it is the right time to turn your dream into a reality. A great first step to start the conversation is to get a Verified Pre-Approval today.

To view the list of loan programs that Vellum offers, click here. We do encourage you, however, to reach out to one of our loan officers to see what loan programs you qualify for.

There are a variety of types of grants available and it can be confusing to know if one will work for you. We suggest you contact one of our Loan Officers to learn more about how grants work and if you qualify.

Your credit will be one of the key factors in whether you’re loan is approved. It also impacts your interest rate and loan terms. That’s why speaking to one of our loan officers is important in helping you understand where you currently stand and what can be done to put you in the best possible position to buy a home. Learn more about the importance of your credit in our blog post here.

One of our Loan Officers would be happy to take a look into your current financial situation to determine if your debt to income ratio meets the standards required for home loan approval. Click here to get connected with one of our experts.

Closing costs are often overlooked until it’s time to pay. Avoid sticker shock by reaching out to one of our mortgage experts to help you accurately estimate your closing costs and assess your payment options. You can also learn more about closing costs in our blog here.

Tax advantages for homeowners are not exclusive to certain types of homes – everything from a condo to a large single-family home can enable you to qualify for certain deductibles or credits. Find out what tax benefits you could cash in on by visiting our blog here.

There are many types of loan programs. Each with different requirements, as well as pros and cons. The best way to figure out what type of loan program is best for you is to reach out to one of our Loan Officers. They will ask you about your current financial situation and your goals, and that will help them identify what mortgage will work for you.

You may be eligible for down payment assistance. To know for sure, reach out to one of our Loan Officers. They will be able to go over any available programs and tell you if you qualify.

Some loan programs do require that you pay mortgage insurance. Check out this blog post to learn more about how it works,

It’s important to follow these guidelines until your loan is closed.

Don’t:

  • Apply for new credit cards, loans or purchase offers
  • Deposit or withdraw large amounts of cash without speaking to your Loan Officer
  • Change jobs, your pay structure or employment status
  • Charge current credit accounts/cards to the maximum
  • Make large purchases such as cards, appliances or furniture
  • Take debt consolidation action or pay off collections or charge-offs

These are two often confused terms in the home buying process. A Pre-Qualification is simply and estimate of how much home you can afford and how much money a lender would be willing to loan you. A Pre-Approval is a tentative commitment from a specific lender for mortgage funding. Please note that a Pre-Approval is not a guarantee that you will be approved for a mortgage. The funding will only be given when the property appraisal, title search and other verifications check out on the home you have chosen to buy.

We have Loan Officers currently licensed in 10 states across the East Coast. Click here to view the Loan Officers that are licensed in your state.

Refinance

To get started on refinancing your home, click here.

We know you have a lot of questions about your current mortgage situation, and we are here to help. Vellum Mortgage offers a complimentary Mortgage Checkup which is a great way to see if you have the right loan for your current situation – even if you didn’t get your original loan with Vellum.

Your credit will be one of the key factors in whether you’re approved. It will also help determine your interest rate and possible your loan terms so speaking to one of our loan officers can help you understand where you currently stand and what can be done to put you in the best position possible to buy a home. Learn more about the importance of your credit in our blog post here.

Our Loan Officers are happy to take a deep look into your current financial situation. Click here to get connected with one of our experts.

We have Loan Officers currently licensed in 10 states across the East Coast. Click here to view the Loan Officers that are licensed in your state.

Reach out to us for a Complimentary Mortgage Checkup, here. Our experts are here to help, even if you didn’t get your original loan with Vellum.

To learn more about refinancing with Vellum, click here. Reach out to one of our Loan Officer to see what you qualify for.

Mortgage Checkup

A Mortgage Checkup is a deeper look at your mortgage, probably one of the biggest elements of your financial life.

Over time, your finance story and life situation will change. If there is a chance that your financial situation has changed since you first purchased your mortgage, reach out to us for a complimentary Mortgage Checkup. Our experts are here to help, even if you didn’t get your original loan with Vellum.

Getting a Mortgage Checkup is not only a great way to ensure that your mortgage still aligns with your current goals, but it can also provide many benefits like: obtaining better loan terms, eliminating mortgage insurance, consolidating high interest loans, leveraging your growing home equity, maximizing your tax benefits, freeing up cash for home improvement projects, improving monthly cash flow, and providing peace of mind in your current situation.

Reach out to one of our Loan Officer to see what type of mortgage would be best for your current financial situation. Click here to get connected with one of our experts.

To view information on refinancing with Vellum, click here. Reach out to one of our Loan Officer to see what you qualify for.

Verified Pre-Approval by Vellum

Getting a Verified Pre-Approval is the first step in determining all the mortgage options that are available to you. All you need to do is reach out to one of our Loan Officers or fill out a form on our website to start the process.

Being Verified by Vellum streamlines the homebuying process. It allows you to feel secure and confident knowing that our experienced loan officers will provide the best options to suit your needs. It increases your negotiating power by standing out from other offers and providing security to the seller. It may even allow you to close in as few as 8 days which can sometimes be the difference in your offer being selected. Learn more about the importance of Pre-Approvals in our blog post here.

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