The Mortgage Loan Process: an Overview
There's no question that getting a mortgage loan is a complicated process. You wouldn't be visiting our site if it were possible to complete a one-page loan application and get the best loan check cut in one day. 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.
There are four main steps involved in getting a loan.
Step one: determine how much you can borrow
This is a function of a couple things. 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 Bright Vision Mortgage can start saving you money. You will supply info on your current job, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We run your credit score and report. After we've reviewed your information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it can be a great tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're deciding on your new home, we're busy researching the loan program that's just right for you.
After you've made the offer and the sellers accept it, 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 an appraisal of your new home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll coordinate with this company to make sure the papers your lender will require are in order, and you'll probably}likely sign everything at this company's officeWe do all the work to coordinate with this company on your closing date. Since you don't have to worry about these details, you get to think about moving logistics, paint colors, carpet, and the details involved in moving into a new home.
You've answered a few questions, given us lots of information, applied online, and Before you know it, you'll be moving! Bright Vision Mortgage is in the business of loans; you're not — so we do the work. Doesn't that sound nice?
Have questions about the loan process? Call Bright Vision Mortgage at (904) 342-3622. We answer questions about the loan process every day.