The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
There's a lot to do in oder to get a mortgage loan. You wouldn't be visiting our site if it were possible to fill out a simple loan app and get an excellent loan funded the same day. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
There are four primary steps involved in getting a 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? 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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 Bright Vision Mortgage can really save you money. You will supply information on your employment, your assets, and your residence history. You'll provide 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've reviewed the provided information, we'll provide you with a pre-qualificaiton letter. Your agent should use the pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for your new home with your REALTOR™, we find the best program for you.
Once you have made an offer and the sellers accept it, it's time to apply for the loan. It's very easy, and you can do it online, right here on our website. After the offer has been accepted and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" and closing. We'll work with this company to ensure all the papers your lender will need are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe do all the work to work with with the title company to set your date to close. Because you don't need to coordinate this process, you get to think about moving, if you're going to repaint, new carpet, and the details involved in moving into your new house.
You've answered some few questions, provided lots of information, applied online, and before you know it, you are moving in! Bright Vision Mortgage is a mortgage specialist; you're not — so take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Bright Vision Mortgage at 9043423622. We answer questions about the loan process every day.