The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
No doubt, quite a lot to do in oder to get a mortgage loan. You wouldn't be here on our website if you could complete a simple loan application and get the best 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.
There are four primary steps involved in getting a mortgage loan.
Step one: determine how much you can borrow
A couple of factors determine this amount. 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? You can get a good idea of your preferred payment abount using the calculators on our website. 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 saving you money. You will give us information about your current job, assets, and residence history. You'll give us information on your employment, asset, and residence history. We get your permission to run your credit score and report. When we review all this information we will give you a pre-qualification letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're looking for a new home with your REALTOR™, we find the best program for you.
Once you have signed an offer and the sellers accept it, it's time to apply for the loan. Applying for a loan could not get much easier; you can apply online right here on our site. At the end of this step, we'll order the appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to designate a title company to handle the funding of your loan. We'll coordinate with this company to ensure the papers your lender will need are avaiailable, and you will probably}likely sign everything at their officeWe do all the work to work with with the title company on your date to close. Because you will not have to worry with this coordination, you can concentrate on moving logistics, paint colors, carpet, and all the details of moving into your new house.
You've answered a few questions, given us detailed information, applied online, and the next thing you know, you're moving in! We do the mortgage legwork so you can focus on finding your new home.
Have questions about the loan process? Call Bright Vision Mortgage at 9043423622. Bright Vision Mortgage answers loan process questions every day.