How the Loan Process Works

No doubt, quite a lot involved when you get a mortgage loan. You wouldn't be researching mortgage loans if you could get a loan in one day with a simple application. 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.

Getting a loan involves four major milestones.

Step one: Decide how much you can afford

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: complete a pre-qualification

This is where the process really begins and you save the most money. You will supply details on your current job, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We get your permission to run your credit score and report. After we've finished reviewing your information, we'll provide you with a pre-qualificaiton letter. Your real estate 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 shopping for a new home with your REALTOR™, we find the best program for you.

Step three: apply now! We make it easy

Once you have signed an offer and the sellers accept it, you should apply for the loan. It couldn't be easier, and you can do it online, right here on our site. At the end of this step, 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 ensure all the papers your lender will require are in order, and you will probably}likely sign all these papers at their officeWe do all the work to coordinate with this company to set your date to close. Because you will not need to worry with this coordination, you get to think about the move, painting, carpet, and the fun parts of getting your new home.

You've answered some few questions, given us detailed information, applied online, and Before you know it, you'll be moving in! 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. Bright Vision Mortgage answers loan process questions every day.