The Four Steps of the Loan Process:The Loan Process: Four Steps
There's a lot to do in oder to get a mortgage loan. You wouldn't be here on our website if it were possible to fill out a simple loan application and receive 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 main steps involved in obtaining a loan.
Step one: Decide on your maximum loan amount
This is a function of a couple things. What kind of monthly payment are you looking for? 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: complete a pre-qualification
This is where the process really begins and you save the most money. You will give us information about your current job, assets, and your residence history. You'll supply your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission. When we review all this information we will provide a letter of pre-qualification. With this letter, your real estate agent will negotiate the best deal for your new home. While you're picking out your new home, we're busy researching the loan that's right for your situation.
Step three: apply now! We make it easy
Once you have made an offer and the sellers have accepted, you should complete the loan application. Applying for your loan could not get much easier; you can apply from the comfort of your home right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to designate a title company to take care of the funding of your loan once it's approved. We'll coordinate with this company to make sure the papers your lender will require are avaiailable, and you'll probably}likely sign everything at their officeWe work with with this company to set your date of closing. Since you will not need to worry about these details, you can concentrate on moving, painting, new carpet, and the details involved in getting a new home.
You've answered some few questions, given us detailed information, applied online, and Before you know it, you're moving in! We take care of the loan details so you can spend your time finding your new home.
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!