An Overview of the Mortgage Loan Process
There's no doubt ; getting a mortgage loan is a complex process. You wouldn't be looking up loan information if you could get a loan in a single day with 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 main steps involved in getting a loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. 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? 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. 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 begin to save you money. You will give us information about your current job, assets, and residence history. You'll provide your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we've reviewed your 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 your new home, we're busy researching the loan that's right for your situation.
Once you have signed the offer and the sellers accept it, it's time to apply for the loan. Applying for a loan couldn't get much easier; you can apply from the comfort of your home right here on our site. After the offer has been accepted and you have applied for your loan, we'll order a professional appraisal on the home.
Step four: funding
The agents will find a title company to handle the "funding" of the loan and closing of the sale. 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 this company on your closing date. Since you don't have to coordinate this process, you get to think about moving logistics, paint colors, new carpet, and the details involved in getting your new home.
You've answered a few questions, provided detailed information, applied online, and the next thing you know, you are moving 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 9043423622. It's our job to answer lending questions, so we're happy to help!