How the Mortgage Loan Process Works

There's no question ; getting a mortgage loan is a complicated process. You wouldn't be researching mortgage loans if it were possible to get a loan in one day by filling out a simple application. But Bright Vision Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

There are four primary steps involved in obtaining a mortgage 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? What is the maximum you can borrow from a lender, given your income and credit history? You can get a good idea of your preferred payment abount using the calculators on our website. 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 is where the rubber meets the road and Bright Vision Mortgage can really save you money. You will supply info on your current job, assets, and residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (with your permission. After we've finished reviewing your information, we'll provide you with a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're deciding on the home that's right for you, we're busy researching the loan that's right for you.

Step three: apply now! We make it easy

After you've signed an offer and the sellers accept it, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our website. After the offer has been accepted and you have submitted your loan application, we'll order a professional appraisal on the home.

Step four: funding

Your real estate agent and the seller's will work together to decide on an escrow/title company to handle the funding of your loan once it's approved. We'll coordinate with this company to make sure the papers your lender requires are in order, and you'll probably}likely sign everything at this company's officeWe coordinate with the title company to set your closing date. Because you won't need to coordinate this process, you can think about moving logistics, if you're going to repaint, new carpet, and all the details of moving into your new house.

You've answered a few questions, provided lots of information, applied , and Before you know it, you're moving! We take care of all the loan details so you can spend your time finding the new home that's right for you.

Have questions about the loan process? Call Bright Vision Mortgage at 9043423622. It's our job to answer lending questions, so we're happy to help!