How the Mortgage Loan Process Works
No doubt, a lot to do when you get a mortgage loan. You wouldn't be here on our website if you could complete a one-page loan application and get a great loan funded in one day. But Bright Vision Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a loan involves four major milestones.
Step one: determine how much you can borrow
A couple of factors determine this amount. What kind of monthly payment are you looking for? 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. 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 Bright Vision Mortgage can begin saving you money. You will give us details on your employment, your assets, and residence history. You'll supply your employment, asset, and residence history information. We will pull get your credit report and score (with your permission, of course). We will review this information then provide a letter of pre-qualification. Your agent will likely use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're looking for your new house with your real estate agent, we find the best program for you.
Once you have made an offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan could not be much easier; you can apply right here on our site. At the end of this step, we will order the appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will work together to find a title company to take care of the funding of your loan. We'll coordinate with this company to ensure all the papers your lender requires are avaiailable, and you'll probably}likely sign everything at their officeWe work with with the title company on your closing date. Because you don't need to worry with this coordination, you can think about moving, if you're going to repaint, new carpet, and the details involved in getting your new house.
You've answered a few questions, given us lots of information, applied online, and before you know it, you're 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 9043423622. We answer questions about the loan process every day.