An Overview of the Loan Process
There's quite a lot involved when you get a mortgage loan. You wouldn't be here on our site if you could complete a one-page loan app and receive a great loan funded 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.
Getting a loan involves four major steps.
Step one: determine how much you can borrow
A couple of factors determine this amount. What kind of monthly payment are you looking for? 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 will begin saving you money. You will provide information about your employment, assets, and residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission. After we've finished reviewing your information, we'll provide a pre-qualificaiton letter. Handle it with care — it can be a useful tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for your new house with your REALTOR™, we find the best program for you.
Once you've made the offer and it's been accepted, you should complete the loan application. Applying for your loan could not get much easier; you can apply any time right here on our site. At the end of this step, we will order an appraisal of your new home.
Step four: funding
The agents will find a title company to handle the "funding" and closing of the sale. We'll work with this company to ensure the papers your lender will require are in order, and you'll probably}likely sign everything at their officeWe coordinate with the title company on your date of closing. Because you will not need to worry with this coordination, you can think about moving logistics, if you're going to repaint, carpet, and the details involved in getting your new house.
You've answered some few questions, given us detailed information, applied online, and Before you know it, you'll be moving! Bright Vision Mortgage is a mortgage specialist; you're not — so take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Bright Vision Mortgage at (904) 342-3622. We answer questions about the loan process every day.