The Home Loan Process
Demystifying Home Loans
If you need financing, our team will help you stay well informed throughout the buying process, from pre-qualification to closing. The first thing to do is consult with a USVI mortgage specialist. If you don’t already have someone in mind, we’d be happy to introduce you, so you’ll be well taken care of.
Get Pre-Qualified
Once you are beyond browsing and ready to begin your active search to buy property here in the U.S. Virgin Islands, the first step is to get pre-qualified! We suggest speaking with an approved local lender so you can be well informed of the mortgage process here in the USVI. There are limited mortgage products available and rates/fees will be different from the U.S. mainland, especially on second homes and/or investment properties. We just want you to be well informed and prepared for your VI purchase. If you do not require financing for your USVI purchase, proof of cash funds is required.
We Help You Get The Best Loan
Start The Process
We’ll help you find the best local loan officer to get you competitive rates and the programs that best fit your individual needs. Fill out this form and we’ll connect you with a lender today!
Application & Processing
What happens when a loan goes "live"
When you find property you’re ready to buy, your lender will help you complete a full mortgage loan application, and talk you through the various fees and down payment options. The application is submitted to processing, where the documents are reviewed and appraisals and title examination are ordered. Then the loan is sent to an underwriter, who reviews and approves the entire loan if it meets compliance.
Closing
Signing and Finalizing the deal
Don’t be surprised if you’re asked for additional documentation or clarification throughout the process. Once your loan is approved, don’t forget to set up homeowners insurance. Your documents will be sent to the title company, where you’ll sign for the new home and pay any remaining costs. Then the loan is recorded and you get the keys. Congratulations, happy homeowner!
