The Mortgage Loan Process: an Overview
There can be no doubt that getting a mortgage loan is a complex process. You wouldn't be here on our website if you could complete a one-page loan app and receive a great loan funded in one day. We do most of the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
Getting a home loan involves four major milestones.
Step one: determine how much you can borrow
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 step is where Bright Vision Mortgage can begin to save you money. You will supply information on your employment, assets, and residence history. You'll supply information on your employment, asset, and residence history. We pull your credit score and report. After we've finished reviewing the provided information, we'll give you a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for a new home with your agent, we find the best program for you.
Step three: apply now! We make it easy
Once you have made an offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan could not get much easier; you can apply from the comfort of your home right here on our site. At the end of this step, we'll order the appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to designate a title company to take care of the funding of your loan. We'll coordinate with this company to ensure all the papers your lender needs are avaiailable, and you'll probably}likely sign everything at their officeWe do all the work to coordinate with the title company to set your date to close. Because you will not have to worry with this coordination, you get to concentrate on the move, if you're going to repaint, carpet, and the fun parts of moving into a new home.
You've answered a few questions, given us lots of information, applied , and the next thing you know, you are deciding when to move in! Bright Vision Mortgage is a mortgage specialist; you're not — so we do the work. Doesn't that make sense?
Have questions about the loan process? Call Bright Vision Mortgage at (904) 342-3622. Bright Vision Mortgage answers loan process questions every day.