The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps

There can be little doubt that getting a mortgage is a complex process. You wouldn't be looking up loan information if it were possible to get a loan in a single 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.

There are four important steps involved in getting a mortgage loan.

Step one: determine how much you can borrow

A couple of factors determine this amount. 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 is where the process really begins and you save the most money. You will provide info on your current job, assets, and residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (with your permission. After we've reviewed this information, we'll provide a pre-qualificaiton letter. Handle it with care — it is a useful tool for buying your new home! 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 are finding the best loan program for you.

Step three: apply now! We make it easy

Once you've made the offer and it's been accepted, you should complete the loan application. It's very easy, and you can apply online, right here on our website. At the end of this step, we'll order the appraisal of your new home.

Step four: funding

The real estate 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 ensure the papers your lender will need are in order, and you will probably}likely sign everything at this company's officeWe do all the work to coordinate with the title company to set your closing date. Since you will not need to worry with this coordination, you get to think about moving logistics, painting, new carpet, and the fun parts of moving into a new house.

You've answered some few questions, given us lots of information, applied , and before you know it, you're moving in! We take care of the mortgage legwork 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!