The Four Steps of the Loan Process:The Loan Process: Four Steps
There's no doubt ; getting a mortgage is a complex process. You would not be looking up loan information if you could get a loan in a single day with a simple application. But Bright Vision Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four primary steps involved in obtaining a loan.
Step one: Decide how much you can afford
A couple of factors determine this amount. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? Use the calculators on our website to determine your monthly payment amount. We'll also help you through different scenarios by asking a few simple questions. Because lender guidelines are fairly standard, we can give you a good idea of how much you can borrow after a short conversation.
Step two: pre-qualify for your loan
This is where the process really begins and you save the most money. You will give us info on your employment, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission, of course). After we have reviewed this information we will give you a pre-qualification letter. Handle it with care — it is a great tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for the home that's right for you, we're busy finding the loan program that's just right for you.
Step three: apply now! We make it easy
Once you have made an offer and the sellers have accepted, you should apply for the loan. Applying for a loan could not be much easier; you can apply any time right here on our site. When the time is right, we will order the appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will coordinate to decide on a title company to handle the funding of your loan once it's approved. We'll work with this company to ensure all the papers your lender will need are avaiailable, and you will probably}likely sign all these papers at this company's officeWe work with with this company to set your closing date. Because you will not have to worry about these details, you get to concentrate on moving logistics, paint colors, carpet, and the fun parts of moving into a new house.
You've answered some few questions, provided detailed information, applied online, and the next thing you know, you are deciding when to move in! We take care of the legwork so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Bright Vision Mortgage at (904) 342-3622. It's our job to answer lending questions, so we're happy to help!