The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
Make no mistake, there's a lot to do in oder to get a mortgage. You wouldn't be looking up loan information if it were possible to get a loan in one day with a simple application. 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 steps.
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. 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 process really begins and you save the most money. You will give us details on your employment, your assets, and residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission. We'll go over this information then will provide a letter of pre-qualification. Your real estate agent will 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 looking for a new house with your agent, we find the best program for you.
Step three: apply now! We make it easy
Once you have signed an offer and the sellers accept it, you should apply for the loan. Applying for your loan couldn't get much easier; you can apply from the comfort of your home right here on our site. When the time is right, we'll order an appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will work together to find an escrow/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 will probably}likely sign all these papers at this company's officeWe work with with this company on your closing date. Since you will not need to coordinate this process, you get to concentrate on the move, if you're going to repaint, carpet, and the fun parts of getting a new home.
You've answered some few questions, given us detailed information, applied , and Before you know it, you'll be moving in! We take care of all 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. Bright Vision Mortgage answers loan process questions every day.