The Loan Process: an Overview
No doubt, a lot to do in oder to get a mortgage. You wouldn't be here on our website if it were possible to complete a one-page loan app and receive a great loan check cut the same 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.
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? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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. Because lender guidelines are fairly standard, we can give you a good idea of how much you can borrow after a short conversation.
Step two: pre-qualify for your loan
This is where the process really begins and Bright Vision Mortgage can really save you money. You will supply details about your current job, your assets, and residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (with your permission. We will review this information then provide a pre-qualification letter. Be careful with this letter — it can be a useful tool when you make your offer! Your real estate agent should use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're picking out your new home, we're busy researching the loan that's just right for you.
Once you've made the offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan could not get much easier; you can apply right here on our site. When the time is right, we will order an appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will coordinate to designate an escrow/title company to handle the funding of your loan once it has been approved. We'll coordinate with this company to make sure all the papers your lender will require are avaiailable, and you'll probably}likely sign everything at their officeWe do all the work to work with with the title company to set your closing date. Since you don't need to worry about these details, you can think about moving logistics, painting, carpet, and the fun parts of getting your new home.
You've answered some few questions, provided detailed information, applied , and the next thing you know, you're moving in! Bright Vision Mortgage is a mortgage specialist; you're not — so we take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Bright Vision Mortgage at 9043423622. Bright Vision Mortgage answers loan process questions every day.