The Loan Process: an Overview

No doubt, quite a lot involved in oder to get a mortgage loan. You would not be researching mortgage loans if it were possible to get a mortgage loan in a single 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.

There are four primary steps involved in getting a mortgage loan.

Step one: Decide on your maximum loan amount

This is a function of a couple things. How much of a monthly payment can you afford? 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: pre-qualify for your loan

This is where the rubber meets the road and you save the most money. You will provide details about your employment, assets, and residence history. You'll provide information on your employment, asset, and residence history. We get your permission to pull your credit score and report. After we've reviewed the provided 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 deciding on the home that's right for you, we are looking for the loan that best fits your needs.

Step three: apply now! We make it easy

Once you have made the offer and the sellers have accepted, you should apply for the loan. Applying for a loan couldn't get much easier; you can apply online right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order a professional appraisal on the home.

Step four: funding

The agents will find an escrow/title company to handle the "funding" and closing. We'll work with this company to make sure the papers your lender will require are in order, and you will probably}likely sign everything at their officeWe do all the work to coordinate with this company to set your date of closing. Since you don't have to coordinate this process, you get to concentrate on moving, if you're going to repaint, new carpet, and all the details of moving into a new house.

You've answered a few questions, given us detailed information, applied , and Before you know it, you're moving in! We take care of the mortgage legwork so you can spend your time finding your new home.

Have questions about the loan process? Call Bright Vision Mortgage at 9043423622. It's our job to answer lending questions, so we're happy to help!