FAQ

Discover the answer to your questions regarding home financing, billing, documentation, and more.

What’s the advantage of getting pre-qualified if I haven’t even started looking for a house yet?

Getting pre-qualified before shopping for a home helps you –

  • Determine your price range – this protects you from buying “too much house”
  • Prove to real estate brokers and sellers that you are qualified and serious about purchasing a home
  • Negotiate during the offer and acceptance process
What information should I provide when I’m ready to apply?

Our pre-qualification and approval process is pretty straightforward. It’s just a few steps:

Pre-qualification

  1. We’ll have a quick 15-minute phone call to talk about your income, assets, credit history, and employment. If you know your credit score before this call, that’s very helpful. This quick call can save you thousands of dollars and weeks or months of frustration, so we don’t proceed without it.
  2. We’ll run a credit check so we can provide that to the lenders and determine your eligibility.

Approval

  1. Once we have your official credit score, we’ll begin the application process. The purpose of the application process is to verify everything you’ve told us during your pre-qualification call. This just makes sure nothing falls through the cracks and helps us get you the absolute best loan for your exact circumstances.
  2. We’ll ask you for documentation such as:
    1. Your last two years of income tax returns
    2. Bank statements
    3. Pay stubs
    4. Documents related to real estate you currently own
    5. Additional information if needed

Download a comprehensive checklist here! 

  1. Underwriting – This is simply a verification process to confirm income, assets, debt, and property details. The purpose of underwriting is to ensure that all documents, forms, and requirements are met for loan approval.

  1. Closing – Sign paperwork, grab your keys, and enjoy your new property!

What is PMI and how does it benefit me?

Private Mortgage Insurance (PMI) is designed to protect a lender in the event a buyer defaults on their mortgage. PMI is required if the down payment is less than 20% of a home’s value when using a conventional loan.

While PMI is primarily a benefit to the lender, it is also a huge benefit to the buyer! Since lenders are protected, we are able to offer loans with low down payments. Without it, we would need to require at least a 20% down payment.

This amount can often take years to save. During that time, the price of the home(s) you’re looking at is very likely to rise! Even if you have that amount in hand already, you may want to use it for other purposes.  

How long will it take to close my loan?

We work tirelessly to get your loan closed as quickly as possible! This largely depends on appraisals, title work, and specific conditions surrounding your application and the purchase process. Currently most of our loans that don’t involve new construction take less than 30 days to close.

Here for you, every step of the way.

We’ve got the experience and the professional network to get your loan funded. If it can be done, we’re the ones who can get it done. You’ll have direct access to a friendly, communicative, professional Loan Originator who will walk you through every step of the process. If a problem ever pops up, you’ll be the first phone call with a solution.


26041 Predazzer Ln Suite A, Daphne, AL 36526

24951 Perdido Beach Blvd
Orange Beach, AL 36561

309 Richard Jackson Blvd, Suite 200,
Panama City Beach, FL 32407


Vault Mortgage LLC | NMLS# 1785021
Approved Lender in Alabama #22567 and Florida
MBR3074 www.nmlsconsumeraccess.org

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Vault Mortgage is a 68 Ventures Company. 
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Equal Housing Opportunity. Loan programs not available in all states, or to all consumers. All loans are subject to availability at the time of application and for terms that meet each individual consumer’s needs and qualification information. Loan applications are subject to credit and property approval. Vault Mortgage LLC encourages all consumers to consult with a tax advisor concerning the tax implications for the type of mortgage sought.