How the Loan Process Works
There can be little question ; getting a mortgage is a complicated process. You wouldn't be here on our site if it were possible to fill out a one-page loan application and receive a great loan check cut 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 mortgage loan involves four major steps.
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. 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 will start saving you money. You will give us information about your employment, assets, and your residence history. You'll supply your employment, asset, and residence history information. We pull your credit score and report. After we've reviewed this information, we'll provide you with a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for the home that's right for you, we're busy finding 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 from the comfort of your home right here on our site. Finally, we'll order an appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will coordinate to designate a title company to handle the funding of your loan once it has been approved. We'll coordinate with this company to make sure the papers your lender requires are avaiailable, and you'll probably}likely sign everything at this company's officeWe coordinate with the title company to set your date to close. Because you don't need to coordinate this process, 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, provided detailed information, applied , and Before you know it, you'll be moving in! We do the legwork so you can focus on finding your new home.
Have questions about the loan process? Call Bright Vision Mortgage at (904) 342-3622. It's our job to answer lending questions, so we're happy to help!