Are you pre-approved for a loan?
Before you begin to shop for a new home, you should set up a time to meet with us so we can figure out how much you can afford to spend on a new home and to go over the costs that are involved when you purchase real estate. Remember that we never charge application fees. It's very helpful for both you and your agent to know whether or not you can afford a home before your spend time and resources visiting the property and possibly submitting an offer

Another important reason to get preapproved is that it strengthens your bargaining position when you negotiate for your home. Sellers will, assuming all else is equal, be more likely to choose an offer that is supported by a preapproval letter - it says that you're no longer "window shopping."

What's involved with getting preapproved?

We can pre-qualify you on the phone or in person. We prefer in person, particularly if this is your first house, as it's easier to go over everything. At Coastal Mortgage we believe in putting in writing your estimated closing costs and your estimated monthly costs so you can know what to expect and move forward as an informed buyer.

We will ask you about your work history, income, assets and any other properties you own. We'll also ask about your goals. Some questions we'll ask are:

    Is this a long term investment or do you plan on moving in a few years?

    Are you purchasing this for yourself or is this a rental property?

    What is the property type? (Single Family, Duplex, Condominium, etc.)

    What kind of down payment are you looking to make?     

 What's the difference between a pre-approval letter and a pre-qualification letter?

Some people use the above terms interchangeably, but there is a difference between a pre-qualification and a pre-approval. A pre-qualification is based on the interview described above and takes about 25 minutes. We use the information you give us and tell you what we can do for you pending verification of that information.

A pre-approval goes to the next step. We will request some income and asset documentation from you and issue a loan commitment letter, contingent upon the satisfactory appraisal and the clear title of the property you are purchasing.

In most instances, a pre-qualification is sufficient if you are beginning to shop for a home. However, some agents will assist on a true pre-approval letter and we are happy to accomodate them. Also, it's increasingly common for a loan commitment letter to be a part of the Purchase Agreement conditons; it's often due within 10 days of having an accepted offer.

If you would like to take a few minuted for a pre-approval, please give me a call at 504-866-5626 or simply fill out the form below. I will respond quickly. Remember that we guarantee our lender costs in writing and we never charge application fees. I hope to hear from you.