Question 1

How do I contact the financial experts at VM Enterprises?

Accepted Answer

There are 3 ways in which you can contact our financial experts:
1.      Phone: (610) 761-3609
2.      Use the "Contact Us" form on our website
3.      E-mail: VM Enterprises@gmail.com(mailto:TriStateContacts@gmail.com)

Question 2

Am I eligible to apply for a loan?

Accepted Answer

If you are over 18 years old you can apply for a loan.

Question 3

How much can I borrow?

Accepted Answer

How much you can borrow depends on a range of different things, such as the size of the loan you are seeking, your income (including income from investment properties you own), your past credit history, and your savings/deposit history. The financial specialists at VM Enterprises can provide you with a good indication of your borrowing power and help you work out what your repayments will be.

Question 4

What documentation do I need to apply for a loan?

Accepted Answer

The kind of documentation you require depends on the type of loan you are applying for. Generally, at a minimum, you will be required to produce documents such as a paystubs, bank statements, etc., which can provide evidence of your income.
Even if you have less than perfect credit or are a first time homeowner, we can design a program that works within your budget.

Question 5

What is a Low Doc Loan?

Accepted Answer

A Low Doc loan is a loan that is designed specifically for self-employers, contractors, and other individuals who may have difficulty providing up-to-date financial documents to provide proof of income. You need to be able to demonstrate your ability to repay the loan and meet the required loan criteria. Talk to the financial professionals at VM Enterprises to find out more.

Question 6

How long does it take to get a loan?

Accepted Answer

The time it takes to process your loan depends on a number of factors including: the requirement of a valuation, the nature of the loan, and the availability of supporting documents and how quickly you return the signed loan documents. Most of the time it can take between 5 minutes and 3 business days.

Question 7

Will my interest rate be variable or fixed?

Accepted Answer

A variable rate means that the interest rate can go up or down for the duration of the loan. A fixed interest rate loan means that interest rates remain at the agreed fixed rate for the period of time you have fixed the rates. There are loans available that allow you to opt for either variable or fixed interest rates, or a combination of the two. The financial specialists at VM Enterprises will work with you to find the best option to suit your individual loan requirements.

Question 8

Do I need to provide security?

Accepted Answer

No, we are able to offer unsecured financing to most of our clients. However, there are rare situations when you may need to provide security on a loan. This depends on a number of factors including your personal financial circumstances and the amount of financing you are applying for. It is best to talk to the financial experts at VM Enterprises who can advise you whether or not you need to secure your loa

Question 9

How is interest on a loan calculated?

Accepted Answer

Interest is calculated on the reducible loan balance.

Question 10

What are the current interest rates?

Accepted Answer

Interest rates fluctuate. In order to find out the best and most current rates for your personal circumstances it is best to talk to one of the financial experts at VM Enterprises who will find the best interest rates to suit your needs and financial circumstances.

Question 11

What is preapproval?

Accepted Answer

A preapproved loan is a loan approval that is given based on your current financial circumstances. A preapproval is useful because it allows you to begin designing your dream home with a clear budget in mind. The final approval is always subject to satisfying lenders' requirements.

Question 12

Can I make additional payments or repay my loan early?

Accepted Answer

Yes. Most loans have flexible repayment plans. If you think you may wish to make extra payments or repay the loan early it is wise to ask the financial specialists at VM Enterprises about including these options when establishing your loan..

Question 13

Can I get a redraw facility on my loan?

Accepted Answer

Some of our lending partners can provide a redraw feature, similar to a revolving credit line, allowing homeowners to use the money paid towards the loan for another project without having to reapply for additional credit. If you would like this feature as part of your loan package, please advise the financial specialists at VM Enterprises when establishing your loan.

Question 14

Can I increase my loan in the future?

Accepted Answer

Yes, in many circumstances you can apply to increase your loan. Any request to increase your loan is generally regarded as a new application and normal lending criteria applies.