Welcome to the Loan Center! The loan center has tools that will help you determine what you can afford and what is right for you. It is always good to do the research first and to see what you are getting into. At Beacon of Light we want you to know what is going on behind the scenes and how the process works. A house can be the single largest investment in you life and we believe in helping you protect it and use it to your benefit any way you can.

What is the Mortgage Process?

1. Pre-Qualify  - By pre-qualifying yourself you can find out two things; how much money you will be able to borrow and what your payments might be. You can use our mortgage calculators to do this or call us directly.
2. Pre-Approve - In order to become pre-approved you have to fill out an application and have your credit checked. Then your application is submitted to the bank for the program that is best for you and you are pre-approved for a certain amount to start you search for a home. This can be done by filling out our on-line application or by calling us directly.
3. Find a Home - This is the fun part where you get to go shopping for a home that will meet your needs. The best part is that you have pre-approved yourself to help narrow your search and you know what you can afford. 
4. Gain Commitment letter - This is when your application along with your credit report, 3 months of bank statements, 2 years of tax returns, and 1 months payslips are submitted to the bank for review. With a commitment letter the bank is setting aside the loan amount for you (committing it to you) pending that you complete a list of conditions.
5. Clearing Conditions - This is when you complete the tasks which the bank has established necessary to be completed before you close the loan. These may include ordering an appraisal, completing title work, verification of employment, setting up your insurance for the property, and a number of other things specific to each loan situation. This is the step where dealing with Beacon of light you receive quick and personal service to complete these tasks. Remember we are working for you and will be educating you on the purpose and value of each process that we help you complete.
6. Authorized to Close - This is when all the conditions have been completed and reviewed by underwriters. Once authorization has been received then you are able to schedule a closing date and time for your mortgage.
7. Closing - This is the final step where you meet with the bank attorneys and sign final paperwork. This is where the loan is satisfied and money is transferred. You sign the actual mortgage papers which will then be filed at the county clerks office. This is the step where the money is given to you to use on your behalf and it is the last step of the mortgage process making it complete.
   

    So as you can see there are a couple steps involved with the mortgage process and it can be a tricky, confusing, and frustrating process. That is why you need someone that will help you through every step and make you aware of what is going on. We are here to help you and to do so without it costing you an arm and a leg. Let us guide you to your dream home today!

What are you saying?

We believe in educating the client and helping them to fully understand what they are taking part in. Here are some definitions to help educate you on the lingo and terms of the mortgage process.

 Click Here Mortgage Terms

At any point, feel free to e-mail or call us regarding any questions you may have. You can find our contact information at the bottom of each page. We are here to personally help you through the entire home financing process.