When you’re in the market for a new home, turn to First Vision Mortgage. Our team has helped a lot of people find their dream homes in Middle Tennessee and beyond.
With offices across the midstate including Nashville, Murfreesboro, Tullahoma, Manchester and Franklin County, we have a mix of home loans and dedicated mortgage professionals to help guide you through the entire process.
Pre-Qualification
The first step in a home purchase transaction, Pre-Qualification is a casual conversation with your Loan Officer which establishes your ideal price range.
Shopping
Now that you know your price range, you can refine your search for your next home.
Accepted Offer and Contract
You found a house in your price range and geographic area, made an offer (including but not limited to any negotiations of the sale price, repair requests, and closing/move-in date), and it was accepted. Once accepted, this back-and-forth results in the Contract, sometimes known as a Purchase & Sale Agreement.
Application
Now that you have your Contract in hand, you can officially apply for your home loan. Your Loan Officer will be reaching out for additional documentation (tax documents, pay stubs, bank statements, etc), so pay attention to that request. The faster these documents are received, the faster your loan can move through the process.
Set-Up
At First Vision Mortgage, once an application reaches the Set-Up phase, our team of Loan Assistants works with your Loan Officer to establish the skeleton of your file, which includes ordering the Appraisal and Title Work.
Processing
If Set-Up builds the file’s skeleton, Processing puts meat on those bones. Processors dive deeper into what is already in the file and prepare it for Underwriting.
Underwriting
The Underwriter reviews the file to see what might still be missing and to make sure it will work. From here, the file will either return to Processing for resubmittal or proceed to Closing.
Closing
Once the file reaches our Closing Department, the light is at the end of the tunnel! Our Closers finalize the fees associated with the file, including Cash to Close (or the final Cash Back in a refinance), and prepare the documents you will sign at your Closing.
From standard conventional home loans to those that are more unique in nature, our team can help find the right solutions for you and your family.
Conventional Home Loans
Our most common loan is the conventional loan. Conventional loans can be utilized for many types of property and usually feature lower interest rates.
FHA
The Federal Housing Administration loan is a great option for lower-income or first-time buyers. FHA purchases require 3.5% down and have a minimum credit score requirement lower than most conventional programs but mortgage insurance is required on every FHA file.
VA
VA loans offer benefits exclusive to Veteran buyers or homeowners. Terms of VA loans vary from person to person, so be sure to ask your loan officer for the best option available.
USDA
USDA loans are a potential zero-down option. Borrowers wanting to use this program must find an eligible property and have a qualifying income.
Jumbo
A jumbo loan, sometimes called a jumbo mortgage, is a loan that exceeds the federal housing finance agency’s (FHFA) limit. A jumbo mortgage is designed to finance luxury homes and properties in highly competitive markets. Jumbo mortgages require specialized underwriting and have significant tax implications. The credit requirements for homeowners are more stringent than those for conventional loans.
Home Equity Line of Credit
Equity loans or second mortgages are types of consumer debt. With a home equity loan, homeowners can borrow against their home’s equity. Therefore, the loan amount is based on the difference between the home’s current market value and the homeowner’s mortgage balance due. In most cases, home equity loans are usually fixed-rate.
THDA Assistance Program
THDA provides fixed rate mortgage loans to first-time homebuyers, promotes the development of new affordable housing units for households with very low to moderate incomes, ensures that existing housing units are preserved and rehabilitated for these individuals, and enhances the stability of the residential construction industry so that housing can continue to be produced steadily.
Construction Loans
A home construction loan is simply a loan that provides the required funds to build a residential property. A construction loan is usually a one-year term and has a higher interest rate. During this span, the property must be constructed and a certificate of occupancy must be issued.
Bridge Loans
Short term in nature, a bridge loan is utilized in real estate transactions to help with cash flow. They are normally six months or one year. For homeowners, this helps provide cash when moving from a current home to a new one. The funds are usually utilized to pay off existing debt or finance a new home.
Portfolio ARM Products
Mortgages that are originated and retained by a lender rather than sold to secondary markets are considered portfolio loans. Lenders decide what credit score they’ll approve and how much money they’ll lend the borrower based on their own standards.