The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
There is little doubt that getting a mortgage is a complicated process. You would not be looking up loan information if you could 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.
Getting a home loan involves four major milestones.
Step one: determine how much you can borrow
This is a function of a couple things. 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? Use the calculators on our website to determine your monthly payment amount. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 will begin to save you money. You will supply details on your employment, your assets, and residence history. You'll provide information on your employment, asset, and residence history. We get your permission to run your credit score and report. After we've finished reviewing the provided information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it can be a great tool for buying your new home! Your REALTOR® 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 picking out your new home, we are looking for the loan that best fits your needs.
Once you've made the offer and the sellers have accepted, you should complete the loan application. Applying for your loan could not be 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 submitted your loan application, we'll order the professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will work together to find a title company to handle the funding of your loan. We'll coordinate with this company to make sure the papers your lender will require are avaiailable, and you will probably}likely sign everything at their officeWe work with with the title company on 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 your new home.
You've answered a few questions, given us detailed information, applied , and before you know it, you're moving in! Bright Vision Mortgage is in the business of loans; you're not — so take care of the details. Doesn't that sound nice?
Have questions about the loan process? Call Bright Vision Mortgage at 9043423622. We answer questions about the loan process every day.