How the Loan Process Works
There's quite a lot involved when you get a mortgage loan. You wouldn't be researching mortgage loans if it were possible to get a loan in one day by filling out a simple application. But Bright Vision Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major steps.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. What kind of monthly payment are you looking for? What is the maximum you can borrow from a lender, given your income and credit history? Use the calculators on our website to determine your monthly payment amount. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.
Step two: complete a pre-qualification
This is where the process really begins and you save the most money. You will provide details about your current job, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We pull your credit score and report. After we've reviewed this information, we'll provide you with a pre-qualificaiton letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're looking for a new home with your agent, we find the best program for you.
Once you have signed the offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our website. At the end of this step, we will order an appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to decide on an escrow/title company to take care of the funding of your loan. We'll work with this company to make sure all the papers your lender requires are avaiailable, and you will probably}likely sign everything at this company's officeWe do all the work to work with with the title company on your closing date. Since you don't need to coordinate this process, you can think about the move, if you're going to repaint, carpet, and the details involved in moving into a new home.
You've answered some few questions, provided detailed information, applied online, and Before you know it, you're moving! We do the mortgage legwork so you can focus on finding your new home.
Have questions about the loan process? Call Bright Vision Mortgage at (904) 342-3622. We answer questions about the loan process every day.