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 you could fill out a one-page loan app and receive a great loan check cut in one 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 important steps involved in getting a mortgage loan.
Step one: Decide how much you can afford
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. 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 step is where Bright Vision Mortgage will start saving you money. You will give us details about your employment, assets, and your residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission. After we've finished reviewing your information, we'll provide a pre-qualificaiton letter. Handle it with care — it is a useful tool for buying your new home! Your agent should use your pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're deciding on your new home, we are looking for the best loan program for you.
Once you've made an offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can do it online, right here on our website. Finally, we'll order the appraisal of your new home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll work with this company to make sure the papers your lender will need are in order, and you'll probably}likely sign all these papers at this company's officeWe coordinate with the title company to set your closing date. Because you don't need to coordinate this process, you get to concentrate on moving, if you're going to repaint, carpet, and the fun parts of moving into your new house.
You've answered a few questions, given us lots of information, applied , and Before you know it, you'll be moving! Bright Vision Mortgage is a mortgage specialist; you're not — so take care of the details. Doesn't that sound nice?
Have questions about the loan process? Call Bright Vision Mortgage at 9043423622. Bright Vision Mortgage answers loan process questions every day.